UNION OF INDIA AND ANOTHER vs VIJAY CHAND JAIN

The Supreme Court held that under Section 23(1B) of the Foreign Exchange Regulation Act, 1947, the term 'in respect of' encompasses the sale proceeds of foreign currency, allowing for confiscation of Indian currency derived from such sales. The Court found that the High Court erred in ruling that the Director of Enforcement lacked the authority to confiscate the Indian currency, emphasizing that the legislative intent includes any property connected to the contravention. Consequently, the Court allowed the appeal and upheld the confiscation order.