Equivalent-asset seizure permits Indian assets to be secured against suspected unlawful overseas holdings, subject to review and appeal. Section 37A permits seizure of assets in India equivalent to foreign exchange, foreign security, or overseas immovable property suspected to be held ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Equivalent-asset seizure permits Indian assets to be secured against suspected unlawful overseas holdings, subject to review and appeal.
Section 37A permits seizure of assets in India equivalent to foreign exchange, foreign security, or overseas immovable property suspected to be held contrary to the restriction on such assets. Written reasons are required, and seizure is subject to the prescribed value threshold. The Competent Authority must review the seizure after hearing the affected person and enforcement representatives. Confirmed seizure continues pending adjudication, while disclosure and repatriation of overseas assets may justify setting it aside. The Competent Authority's orders are appealable, and compounding is excluded.
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