https://www.taxtmi.com/caselaws?id=50711 Strong circumstantial evidence can justify confiscation of cash traced to the sale proceeds of smuggled gold, including where the money is routed through fictitious accounts or later converted into pay orders; the change in form does not alter its confiscable character. Cash seized from the residence, however, could not be linked to smuggled-gold proceeds and was not liable to confiscation. In relation to foreign exchange, diversion of funds obtained from authorised dealers and money-changers for declared travel purposes attracted penalty where the transaction was fraudulent from inception or knowingly misused. Penalties on banks, their employees, and money-changers failed because knowledge or conscious abetment was not proved. en-us Fri, 02 Feb 2001 00:00:00 +0530 Wed, 25 Aug 2010 15:16:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=50711 Strong circumstantial evidence can justify confiscation of cash traced to the sale proceeds of smuggled gold, including where the money is routed through fictitious accounts or later converted into pay orders; the change in form does not alter its confiscable character. Cash seized from the residence, however, could not be linked to smuggled-gold proceeds and was not liable to confiscation. In relation to foreign exchange, diversion of funds obtained from authorised dealers and money-changers for declared travel purposes attracted penalty where the transaction was fraudulent from inception or knowingly misused. Penalties on banks, their employees, and money-changers failed because knowledge or conscious abetment was not proved. Case-Laws Customs Fri, 02 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=50711