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2 AIR 1954 SC 496 3 AIR 1968 PATNA 364 J.V.Salunke,P.S. Judgment-WP.2961.2018.doc

51. In the case of Union of India and Anr. vs. Vijay Chand Jain 4, it is held as under:-

"4. The contravention alleged is of Section 4(1) which prohibits, inter alia, sale of any foreign exchange. Foreign exchange as defined in Section 2(d) means foreign currency. Under Section 23 (1B) any currency, security, gold or silver, or goods or any other money or property "in respect of which"