Thursday, March 15, 2012

RULE 8 OF THE FOREIGN EXCHANGE MANAGEMENT (ENCASHMENT OF DRAFT, CHEQUE, INSTRUMENT AND PAYMENT OF INTEREST) RULES, 2000

The Delhi High Court held that interest at the rate of 6% per annum under Rule 8 could have been
awarded to the respondent on the seized Indian currency only. The learned Single Judge has while
applying the said Rule also awarded interest on the seized foreign currency, which cannot be
sustained.

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