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2017 (4) TMI 4 - HC - FEMARejecting the petition of the petitioner for releasing the foreign currency notes recovered from the vehicle of the petitioner - Held that:- From plain reading of Section 451 of Cr P C, it appears that the Court should pass order with regard to the custody or release of the seized articles. Admittedly, the petitioner was having licence to deal in foreign currency and his licence was valid up till 31.08.2016. He applied for renewal of his licence on 04.01.2016, one month before the date of expiry of that licence. From the perusal of Annexure 2 it appears that the Reserve Bank of India renewed the licence of the petitioner to deal in foreign currency on 04th January, 2016. The petitioner again applied for renewal of licence and in this interregnum period, it shall be deemed that the licence of the petitioner is valid unless there is express order by the authority concerned to reject the application of the petitioner granting his licence. It also transpires that the petitioner, who is dealing in foreign currency and the aforesaid foreign currency worth ₹ 39,12,102.30 P was seized and is kept in the District Treasury. Apparently, no useful purpose would be served in keeping the currency in the District Treasury. Therefore, that currency should be released in favour of the petitioner on providing proper security. It is also a fact that foreign currency is not a material evidence. Therefore, find that the rejection of the petition of the petitioner by the Court of learned Chief Judicial Magistrate as well as the learned Additional Sessions Judge X, East Champaran at Motihari holding that the petitioner has got no licence is illegal and it cannot be allowed to sustain. Considering the facts aforesaid, the quashing petition is allowed. Direction to the Court below to release the foreign currency in favour of the petitioner on providing security of the same amount with one surety.
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