Seizure of equivalent assets for overseas holdings: domestic value may be seized and reviewed pending adjudication. Authorised officers with recorded reason to believe may seize in India value equivalent to foreign exchange, foreign securities, or immovable property held abroad in contravention of the foreign exchange prohibition, subject to an aggregate-value exclusion. The seizure order must be placed before a Competent Authority within thirty days, which shall confirm or set aside the seizure after hearing within the prescribed period; a confirmed seizure continues during adjudication. Disclosure and repatriation by the aggrieved person may lead the Competent or Adjudicating Authority to set aside the seizure, and compounding is not permissible for these contraventions.
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Provisions expressly mentioned in the judgment/order text.
Seizure of equivalent assets for overseas holdings: domestic value may be seized and reviewed pending adjudication.
Authorised officers with recorded reason to believe may seize in India value equivalent to foreign exchange, foreign securities, or immovable property held abroad in contravention of the foreign exchange prohibition, subject to an aggregate-value exclusion. The seizure order must be placed before a Competent Authority within thirty days, which shall confirm or set aside the seizure after hearing within the prescribed period; a confirmed seizure continues during adjudication. Disclosure and repatriation by the aggrieved person may lead the Competent or Adjudicating Authority to set aside the seizure, and compounding is not permissible for these contraventions.
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