Bombay High Court Allows Customs Appeals in Confiscation of Pay Orders — Genuine Foreign Exchange Transactions Not Sale Proceeds of Smuggled Goods. Pay orders received by FFMC for sale of foreign exchange in genuine transactions cannot be confiscated under Section 121 of the Customs Act, 1962 merely because the purchaser's bank account contained proceeds of smuggling.
30 Mar 2012The appellant, Weizmann Limited, a Full Fledged Money Changer (FFMC), sold foreign exchange to various purchasers and received pay orders from banks. ...




