9911796707
TMI Blog2005 (8) TMI 141X X X X Extracts X X X X X X X X Extracts X X X X ..... his matter at length. We find from the referral order dated 29-12-2004 [2005 (181) E.L.T. 140 (Tri.-Mumbai)] that the referral Bench has come to a decision that the appellants have no locus standi to claim the impugned currency seized from the Bank following the earlier decisions of the Tribunal listed below :- (i) Wall Street Finance Ltd. v. C.C. (Prev.), Mumbai - 2002 (147) E.L.T. 112 (ii) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Revenue Intelligence officials seized the pay orders and directed the Banks to deposit the corresponding amounts with Revenue, which the Banks have done. 3.It is claimed on behalf of the appellants that the money taken over from the Bank represents sale proceeds of the foreign currency sold by them to M/s. Tiruchi and hence it no longer represents the sale proceeds of foreign currency initial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llenged the confiscation of the sale proceeds. 5.After hearing arguments from both sides, we find that the cited Apex Court decision was rendered in a totally different context. It was held therein that payment by way of bank draft is as good a payment as cash. The Apex Court held in that case that the demand for payment of cash would have been honoured by the Bank on behalf of the purchaser and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ection reads as under :- "SECTION 121. Confiscation of sale-proceeds of smuggled goods. - Where any smuggled goods are sold by a person having knowledge or reason to believe that the goods are smuggled goods, the sale-proceeds thereof shall be liable to confiscation." This provision is of 1962 vintage and is clearly intended to deal with 'proceeds of crime'. It is a percussor to similar provis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the Revenue which has been subsequently confiscated by Revenue. 8.Hence, we are of the view that notwithstanding issue of the pay orders, the money available in the Bank represented sale proceeds of smuggled out foreign currency and its confiscation is justified. Consequently, we endorse the views expressed in both Wall Street Finance (supra) and R.R. Sen (supra) as well as by the referral Ben ..... X X X X Extracts X X X X X X X X Extracts X X X X
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