1997 (12) TMI 130

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....ised full fledged money changer have been withheld by the Respondent No. 1. The petitioner is an authorised dealer in foreign exchange. The petitioner sold foreign currency to M/s. Tiruchi Enterprises, who according to the petitioner, is also an authorised full fledged money changer. A photocopy of the licence issued by the Reserve Bank of India in favour of M/s. Tiruchi Enterprises in this behalf....

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....oth, the parties, i.e. the seller and the purchaser are authorised full-fledged money changers. The transactions of sale and purchase of foreign currency between such dealers are permitted under the law. 3. The learned Counsel (appearing for Respondent No. 1 is unable to satisfy me about the power of Respondent No. 1 to confiscate the said money in the facts of the present case. Sections 110, 1....