The appellant's premises were searched, leading to the seizure ...

Seized foreign currencies: Credibility doubts on source explanation.

Case Laws     FEMA

September 12, 2024

The appellant's premises were searched, leading to the seizure of substantial amounts of foreign currencies and Indian currency. The appellant initially claimed the foreign currencies were unspent balances from trips abroad, but discrepancies were found in the supporting documents. Subsequently, the appellant claimed the foreign currencies were winnings from casinos during foreign trips, but failed to provide proof. The appellant violated regulations by possessing excess US dollars beyond the permissible limit. The explanations provided by the appellant regarding the sources of the seized currencies lacked credibility and were contradictory. The Appellate Tribunal upheld the penalties imposed by the Adjudicating Authority, finding the appellant failed to provide cogent and reliable evidence to justify the seizures.

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