Flyer held with foreign currency equivalent to Rs 1.41 cr

Directorate of Revenue Intelligence (DRI) today arrested a flyer at Rajiv Gandhi international airport at Shamshabad here and seized foreign currency equivalent to Rs 1.41 crore from him.
Based on specific intelligence, officers of DRI Hyderabad Zonal Unit apprehended the passenger when he was about to board a flight to Dubai and found that he was carrying assorted foreign currency in his checked-in baggage that was concealed in three plastic jars wrapped in black polythene.
The flyer was carrying the assorted foreign currency (Australian Dollars, Saudi Riyals, Omani Riyals, Qatar Riyals and Kuwaiti Dinars) equivalent to Rs 1,41,50,798, DRI Additional Director General M K Singh stated in a release.

This foreign currency was obtained from unauthorised dealers/persons in violation of FEMA 1999 and the Regulations made there under and the same was attempted to be exported contrary to the prohibition imposed, in violation of the provisions of the Customs Act and FEMA, it added.
A Finance Ministry report on black money had recommended
expansion and strengthening of the scope and reach of COIN offices to check suspicious trade transactions.

The DRI maintains constant interaction with COIN offices to share intelligence and information through diplomatic channels on the suspected import and export transactions to establish cases of mis-declaration, which are intricately linked with tax evasion and money laundering.

"The scope and reach of COIN offices should be further expanded and strengthened. Customs officers should be stationed in major trading partner countries to liaise with customs authorities of those countries and cause verifications of suspicious trade transactions," the report had said.
The Finance Ministry had earlier also proposed to set up seven such overseas intelligence units.
The proposal for creation of COIN units -- three in Colombo and one each in Dhaka, Bangkok, Beijing and Guangzhou -- is being considered by the government, the sources said.
COIN officers are posted at select locations across the globe.