The booked customs officials were indulged in exchanging foreign currencies which they obtained as "undue advantage" in lieu of imposing less custom duty or sometimes less duty.
Mumbai Custom Zone III issued a press release about the seizures in last four days. The seized items include gold dust, jewellery, bars, expensive mobile phones, foreign currencies, laptops and cosmetics.
Delhi news: "On the basis of profiling, the officers of Airport Customs, IGI Airport, Terminal-3, New Delhi have booked the biggest-ever case of smuggling of foreign currency through any airport in India on 21 July against three Tajikistan national passengers," the Customs dept said in a statement.
Reserve Bank of India news: In the wake of a bank seeking clarification on various aspects related to UFCE, the RBI said a comprehensive review of the extant guidelines has been undertaken and all the existing instructions on the subject have been consolidated.
On a weekly basis, FCAs, the largest component of the forex reserves, edged lower by $1.480 billion to $569.889 billion.
Yes Bank plans to raise funds in Indian or foreign currency by issuing debt securities, it said on Monday
Central Industrial Security Force (CISF) personnel on Wednesday seized foreign currency worth Ra 1.03 crore from a passenger at Rajiv Gandhi International Airport in Hyderabad.
CISF on Tuesday caught a Dubai bound passenger carrying high amount of foreign currency concealed inside food items at the Terminal 3 of the IGI airport in Delhi. After CISF's intelligence staff observed suspicious activities by the passenger in the check-in area, he was intercepted and inquired.
A Bangkok-bound passenger who allegedly hid foreign currency worth Rs 30 lakh in soya chunks boxes was apprehended by CISF personnel at the Delhi airport, officials said Thursday.
The Central Industrial Security Force (CISF) arrested a man carrying foreign currency worth Rs 1.2 crore at the IGI Airport, here.
"ADB is committed to providing wide-ranging support to strengthen Pakistan's economy and reduce the risk of external economic shocks," said ADB Director General for Central and West Asia Werner Liepach. While USD 1 billion has been extended to Pakistan to improve its current account deficit, strengthen its revenue base, USD 300 million has been extended for the energy program, another ADB press release said.
Foreign currencies valued at Rs 4.53 lakh have been seized from a passenger before he could board a flight to Sharjah from here, Customs officials said on Saturday.
The Union Budget of 2019-20 had floated an idea of proposing to fund the fiscal deficit by borrowing foreign savings by issuing sovereign bonds in foreign currency.The idea has generated stiff resistance from several quarters, including from within the ruling establishment.
The Central Industrial Security Force (CISF) confiscated foreign currency worth over Rs 10 lakh from inside mobile chargers from a passenger at Mumbai's Chhatrapati Shivaji Maharaj International Airport, reported ANI.
The move was aimed at helping in direct hedging of foreign currency exposures as well as improving liquidity in existing currency contracts.
The seizure was made when the officials, acting on a tip-off that some individuals were allegedly involved in smuggling of foreign currencies, checked the baggage of 27-year old Syed Durabudeen at the international terminal.
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