Section 8: Payment of interest on the seized Indian currency

the Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and payment of interest) Rules, 2000.Central Rules · 1999

(i) Where it is found after completion of the investigation that the Indian currency seized under section 37 of the Act is not involved in the contravention and is to be returned, the same shall be returned to such persons together with interest at the rate of 6% per annum from the date of seizure till the date of payment.

(ii) Where it has been found during the course of adjudication that the seized Indian currency is not relevant for such adjudication, the Adjudicating Authority may pass such order returning such Indian currency togetherwith interest at the rate of 6% per annum to such person.

(R. S. Sharma) Joint Secretary to the Government of India F.No. 1/9/EC/97

Where this provision sits

Act	the Foreign Exchange Management (Encashment of Draft, Cheque, Instrument and payment of interest) Rules, 2000.
Section	8
Marginal note	Payment of interest on the seized Indian currency
Jurisdiction	Central
Status	In force as published by the source

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