The currencies, which had been seized from his residence during the CBI raids on May 3, 1991, have been ordered to be confiscated to the government account.
The Enforcement D irectorate has also served two more show cause notices to the two Jain brothers for FERA violations to the tune of Rs 6.18 crore and Rs 7.58 lakh.
The two hawala accused have been ordered to reply to the notices within 30 days of the receipt of the notices.
This is the second case adjudicated by Enforcemnt Directorate in the Jain hawala case.
The first case related to the seizure of $15,800 from Minar International, a firm owned by Javed Bhai, an associate of hawala case suspect Shambhu Dayal Sharma.
A penalty of Rs 50,000 each had been imposed on Javed Bhai and Mohammed Shahid in that case while the seized foreign exchange was also ordered to be confiscated by the government.