Equivalent asset seizure permits domestic restraint where overseas foreign assets are suspected to breach foreign exchange restrictions.

Section 37A permits seizure in India of assets equivalent in value to foreign exchange, foreign security, or overseas immovable property suspected to be held contrary to section 4, subject to a prescribed minimum threshold. The seizure order must be reviewed by the Competent Authority within the stipulated process and period. Confirmed seizure continues through adjudication, with further directions to follow. Disclosure and repatriation of the overseas asset may lead to appropriate orders, including setting aside seizure. Competent Authority orders are appealable, and compounding does not apply.

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