https://www.taxtmi.com/caselaws?id=457720 A later denial that does not allege coercion or duress may not amount to an effective retraction of an inculpatory statement, so the initial statement can be relied on with surrounding material to sustain a finding of contravention under foreign exchange law. At the same time, confiscation must remain proportionate to the money actually found involved in the contravention, and automatic forfeiture of the entire seized amount is not justified on these facts. The adverse finding and penalty were affirmed, while confiscation was reduced to the amount linked to the violation and the balance was ordered to be returned. en-us Mon, 05 May 2003 00:00:00 +0530 Thu, 26 Sep 2024 16:42:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=457720 A later denial that does not allege coercion or duress may not amount to an effective retraction of an inculpatory statement, so the initial statement can be relied on with surrounding material to sustain a finding of contravention under foreign exchange law. At the same time, confiscation must remain proportionate to the money actually found involved in the contravention, and automatic forfeiture of the entire seized amount is not justified on these facts. The adverse finding and penalty were affirmed, while confiscation was reduced to the amount linked to the violation and the balance was ordered to be returned. Case-Laws FEMA Mon, 05 May 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=457720