The accused, who was going to Hong Kong by an Air India flight, was intercepted by customs officials on Thursday.
"On examination of his baggage, he was found containing USD 40,000 having denomination of 100 and 50 (equivalent to Rs 24.72 lakh)," a customs official said.
The passenger could not provide any evidence in support of lawful possession of the recovered foreign currency. Hence a case was registered and he was arrested, he said.
As per rules, there is no cap on carrying foreign currency by an Indian national provided he gives a valid proof of its legal source.
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