https://www.taxtmi.com/caselaws?id=189924 Bare physical custody of foreign exchange by a carrier is not the same as "otherwise acquiring" it under section 8(1) of the Foreign Exchange Regulation Act, 1973, because acquisition implies some control, interest, or ability to deal with the currency as one's own. Section 71(3) creates a rebuttable presumption against a person found in possession, but that presumption is displaced where the possession is shown to be lawful, such as holding the currency only for delivery on behalf of another. In that situation, no contravention under section 8(1) is made out and liability does not arise merely from possession alone. en-us Fri, 04 Mar 1983 00:00:00 +0530 Wed, 25 Jan 2017 17:33:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=189924 Bare physical custody of foreign exchange by a carrier is not the same as "otherwise acquiring" it under section 8(1) of the Foreign Exchange Regulation Act, 1973, because acquisition implies some control, interest, or ability to deal with the currency as one's own. Section 71(3) creates a rebuttable presumption against a person found in possession, but that presumption is displaced where the possession is shown to be lawful, such as holding the currency only for delivery on behalf of another. In that situation, no contravention under section 8(1) is made out and liability does not arise merely from possession alone. Case-Laws Customs Fri, 04 Mar 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=189924