TMI Blog2017 (4) TMI 4X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 fore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... petition, are that one Roshan Kumar alleged that he handed over his voters identity card and PAN card to Yogesh Mishra, Travel Staff of UAE and Foreign Services Limited (for brevity, the Company) in the month of May, 2014 for preparing the passport. The passport was handed over to the informant but the Staff of the Company did not return the voters identity card and PAN card of the informant. Later on, the informant came to know that staff of the Company forged his signatures and received foreign currency on different dates and thereby accumulated a huge amount illegally. A search was made and from the Bolero vehicle of the Company, different foreign currency worth ₹ 39,12,102.30 P was recovered. The office of the Company was also s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 999 (for brevity FEMA). The licence was renewed on 04th January, 2016 till August, 2016. Clause 5 of the aforesaid licence clearly stipulates that if the licensee files petition for renewal of his licence, one month before the expiry of the licence, the licence shall be deemed to be in force unless there is specific order for rejection of licence. Even on the date of search and seizure and institution of the case, the petitioner was holding valid licence on the ground that the petitioner had already applied for renewal of licence, one month before the expiry of the licence. It is further submitted that no useful purpose would be served to retain the foreign currency recovered from the possession of the petitioner. 7 On the other hand, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 at page 33, 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 curre ..... X X X X Extracts X X X X X X X X Extracts X X X X
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