https://www.taxtmi.com/caselaws?id=292223 Section 42(3) of the Foreign Exchange Regulation Act, 1973 was applied only to proceeds of encashed drafts, cheques, travellers cheques or similar instruments, so it did not cover seized currency notes or the penalty amount; the statutory claim for interest on those sums was rejected. The earlier refund direction had attained finality, but the respondent's three-year withholding of the refunded amount without any stay was held unjustified, since compliance with the refund order was required within a reasonable time. Interest was therefore upheld on the delayed refund amount for the period of non-payment. en-us Tue, 11 Jun 1991 00:00:00 +0530 Sat, 12 Dec 2020 11:44:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=292223 Section 42(3) of the Foreign Exchange Regulation Act, 1973 was applied only to proceeds of encashed drafts, cheques, travellers cheques or similar instruments, so it did not cover seized currency notes or the penalty amount; the statutory claim for interest on those sums was rejected. The earlier refund direction had attained finality, but the respondent's three-year withholding of the refunded amount without any stay was held unjustified, since compliance with the refund order was required within a reasonable time. Interest was therefore upheld on the delayed refund amount for the period of non-payment. Case-Laws Indian Laws Tue, 11 Jun 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=292223