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TMI Blog2022 (6) TMI 1043X X X X Extracts X X X X X X X X Extracts X X X X ..... e Appellant and the Respondents are referred as Enforcement Directorate. 3. The Appellant had filed the aforesaid appeal challenging the order dated 10 July 1987 passed by the Foreign Exchange Regulatory Appellate Board confirming the order dated 5 December 1984 passed by the Assistant Director imposing penalty of Rs.3,000/- and confiscating US$ 1,300/- as per section 63 of the Foreign Exchange Regulation Act, 1973. The Division Bench, after going through the record, opined that both the impugned orders were unsustainable, suffered from perverse appreciation of evidence and, accordingly, allowed the appeal. The Enforcement Directorate was directed to return US$ 1,300/- to the Appellant within a period of eight weeks. Thereafter this civil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , section 42 of the Act relied upon by the Enforcement Directorate refers to the foreign currency. Under section 4(3)(i)(a), 'foreign currency' has been specifically defined and 'currency' has been separately defined. Section 42(4) refers to the order to be obtained from the Court and considering the security risk involved foreign exchange to be deposited in the bank in such a manner as the Court may deem fit. We have not been shown any decision or a Rule, in respect of foreign currency which is seized, to be returned in rupees. In the case of Jatin C. Jhaveri, the Division Bench had also noted that the Department had not placed any specific directions given by the Central Government as to how to deal with such foreign currency. 6. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cause of the pendency of the litigation that the Appellant is agreeable for receipt of the amount in Indian rupees, the Appellant cannot be penalized but must be compensated in fair manner. 9. Accordingly, we direct that the order dated 30 September 2010 passed by this Court be complied with by the Enforcement Directorate within a period of eight weeks, with a clarification that the amount of US$ 1,300 should be converted in Indian rupees as per the rate prevailing as on today i.e. 14 June 2022 and be paid to the Appellant within a period of eight weeks along with interest. We place the responsibility of compliance with this order on the Assistant Director, Enforcement Directorate, the Respondent No.2 and if the order is not complied withi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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