https://www.taxtmi.com/caselaws?id=173300 The phrase "buy or otherwise acquire" in Section 4(1) of the Foreign Exchange Regulation Act, 1947 requires acquisition of an interest in the foreign exchange, not mere physical custody or carriage. A carrier or bailee who only holds foreign exchange for delivery, without any proprietary interest or capacity for appropriation, does not "otherwise acquire" it. On the facts stated, there was no evidence that the respondent acquired any interest in the seized foreign exchange, so the penalty and confiscation were not sustainable and the appellate authority's order was upheld. en-us Wed, 08 Jul 1987 00:00:00 +0530 Fri, 11 Sep 2015 18:47:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173300 The phrase "buy or otherwise acquire" in Section 4(1) of the Foreign Exchange Regulation Act, 1947 requires acquisition of an interest in the foreign exchange, not mere physical custody or carriage. A carrier or bailee who only holds foreign exchange for delivery, without any proprietary interest or capacity for appropriation, does not "otherwise acquire" it. On the facts stated, there was no evidence that the respondent acquired any interest in the seized foreign exchange, so the penalty and confiscation were not sustainable and the appellate authority's order was upheld. Case-Laws FEMA Wed, 08 Jul 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173300