THE
FOREIGN EXCHANGE MANAGEMENT ACT, 1999
NO. 42 OF 1999 [29th December, 1999.]
An Act to consolidate and amend the law relating to foreign
exchange with the objective of facilitating external trade and
payments and for promoting the orderly development and
maintenance of foreign exchange market in India.
BE
it enacted by Parliament in the Fiftieth Year of the Republic
of India as follows:-
ACTYEAR_NO:
199942
Section
Text:
1.
Short title, extent, application and commencement.- (1) This
Act may be called the Foreign Exchange Management Act, 1999.
(2) It extends to the whole of India.
(3) It shall also apply to all branches, offices and agencies
outside India owned or controlled by a person resident in
India
and also to any contravention thereunder committed outs ide
India by any person to whom this Act applies .
(4) It shall come into force on such date as the Central
Government may, by notification in the Official Gazette,
appoint:
Provided that different dates may be appointed for different
provisions of this Act and any reference in any such provision
to
the commencement of this Act shall be construed as a reference
to the coming into force of that provision.
2. Definitions.-In this Act, unless the context
otherwiserequires,- (a) "Adjudicating Authority"
means an officer
authorized under sub-section (1) of section 16
(b) "Appellate Tribunal" means the Appellate
Tribunal for Foreign Exchange established under section 18;
(c) "authorized person" means an authorized dealer,
money changer, off-shore banking unit or any other person for
the time being authorized under sub-section (1) of section 10
to deal in foreign exchange or foreign securities;
(d) "Bench" means a Bench of the Appellate Tribunal;
(e) "capital account transaction" means a
transaction which alters the assets or liabilities, including
contingent liabilities, outside India of persons resident in
India or assets or liabilities in India of persons resident
outside India, and
includes t ansactions referred to in sub-section (3) of
section 6;
(f) "Chairperson" means the Chairperson of the
Appellate Tribunal;
(g) "chartered accountant" shall have the meaning
assigned to it in clause (b) of sub-section (1) of section 2
of the Chartered Accounts Act, 1949 (38 of 1949);
(h) "currency" includes all currency notes, postal
notes, postal orders, money orders, cheques, drafts, travelers
cheques, letters of credit, bills of exchange and promissory
notes, credit cards or such other similar instruments, as may
be notified by the Reserve Bank;
(i) "currency notes" means and includes cash in the
form of coins and bank notes;
(j) "current account transaction" means a
transaction other than a capital account transaction and
without prejudice to the generality of the foregoing such
transaction includes,-
(i) payments due in connection with foreign trade, other
current business, services, and short-term banking and credit
facilities in the ordinary course of business,
(ii) payments due as interest on loans and as net income from
investments,
(iii) remittances for living expenses of parents, spouse and
children residing abroad, and
(iv) expenses in connection with foreign travel, education and
medical care of parents, spouse and children;
(k) "Director of Enforcement" means the Director of
Enforcement appointed under sub-section (1) of section 36;
(l) "export", with its grammatical variations and
cognate expressions, means-
(i) the taking out of India to a place outside India any
goods,
(ii) provision of services from India to any person outside
India;
(m) "foreign currency" means any currency other than
Indian currency;
(n) "foreign exchange" means foreign currency and
includes,-
(i) deposits, credits and balances payable in any foreign
currency,
(ii) drafts, travelers cheques, letters of credit or bills of
exchange, expressed or drawn in Indian currency but payable in
any foreign currency,
(iii) drafts, travelers cheques, letters of credit or bills of
exchange drawn by banks, institutions or persons outside
India, but payable in Indian currency;
(o) "foreign security" means any security, in the
form of shares, stocks, bonds, debentures or any other
instrument denominated or expressed in foreign currency and
includes securities expressed in foreign currency, but where
redemption or any form of return such as interest or dividends
is payable in Indian currency;
(p) "import", with its grammatical variations and
cognate expressions, means bringing into India any goods or
services;
(q) "Indian currency" means currency which is
expressed or drawn in Indian rupees but does not include
special bank notes and special one rupee notes issued under
section 28A of the Reserve Bank of India Act, 1934 (2 of
1934);
(r) "legal practitioner" shall have the meaning
assigned to it in clause (i) of sub-section (1) of section 2
of the Advocates Act, 1961 (25 of 1961);
(s) "Member" means a Member of the Appellate
Tribunal and includes the Chairperson thereof;
(t) "notify" means to notify in the Official Gazette
and the expression "notification" shall be construed
accordingly;
(u) "person" includes-
(i) an individual,
(ii) a Hindu undivided family,
(iii) a company,
(iv) a firm,
(v) an association of persons or a body of individuals,
whether incorporated or not,
(vi) every artificial juridical person, not falling within any
of the preceding sub-clauses, and
(vii) any agency, office or branch owned or controlled by such
person;
(v) "person resident in India" means-
(i) a person residing in India for more than one hundred and
eighty-two days during the course of the preceding financial
year but does not include-
(A) a person who has gone out of India or who stays outside
India, in either case-
(a) for or on taking up employment outside India, or
(b) for carrying on outside India a business or vocation
outside India, or
(c) for any other purpose, in such circumstances as would
indicate his intention to stay outside India for an uncertain
period;
(B) a person who has come to or stays in India, in either
case, otherwise than-
(a) for or on taking up employment in India, or
(b) for carrying on in India a business or vocation in India,
or
(c) for any other purpose, in such circumstances as would
indicate his intention to stay in India for an uncertain
period;
(ii) any person or body corporate registered or incorporated
in India,
(iii) an office, branch or agency in India owned or controlled
by a person resident outside India,
(iv) an office, branch or agency outside India owned or
controlled by a person resident in India;
(w) "person resident outside India" means a person
who is not resident in India;
(x) "prescribed" means prescribed by rules made
under this Act;
(y) "repatriate to India" means bringing into India
the realized foreign exchange and-
(i) the selling of such foreign exchange to an authorized
person in India in exchange for rupees, or
(ii) the holding of realized amount in an account with an
authorized person in India to the extent notified by the
Reserve Bank, and includes use of the realized amount for
discharge of a debt or liability denominated in foreign
exchange and the expression "repatriation" shall be
construed accordingly;
(z) "Reserve Bank" means the Reserve Bank of India
constituted under sub-section (1) of section 3 of the Reserve
Bank of India Act, 1934 (2 of 1934);
(za) "security" means shares, stocks, bonds and
debentures, Government securities as defined in the Public
Debt Act, 1944 (18 of 1944), savings certificates to which the
Government Savings Certificates Act, 1959 (46 of 1959)
applies, deposit receipts in espect of deposits of securities
and units of the Unit Trust of India established under
sub-section (1) of section 3 of the Unit Trust of India Act,
1963 (52 of 1963) or of any mutual fund and includes
certificates of title to securities, but does not include
bills of exchange or promissory notes other than Government
promissory notes or any other instruments which may be
notified by the Reserve Bank as security for the purposes of
this Act;
(zb) "service" means service of any description
which is made available to potential users and includes the
provision of facilities in connection with banking, financing,
insurance, medical assistance, legal assistance, chit fund,
real estate, transport, processing, supply of electrical or
other energy, boarding or lodging or both, entertainment,
amusement or the purveying of news or other information, but
does not include the rendering of any service free of charge
or under a contract of personal servic ;
(zc) "Special Director (Appeals)" means an officer
appointed under section 18;
(zd) "specify" means to specify by regulations made
under this Act and the expression "specified" shall
be construed
accordingly;
(ze) "transfer" includes sale, purchase, exchange,
mortgage, pledge, gift, loan or any other form of transfer of
right, title, possession or lien.
3.
Dealing in foreign exchange, etc.- Save as otherwise provided
in this Act, rules or regulations made thereunder, or with the
general or special permission of the Reserve Bank, no person
shall- (a) deal in or transfer any foreign exchange or foreign
security to any person not being an authorized person;
(b) make any payment to or for the credit of any person
resident outside India in any manner;
(c) receive otherwise through an authorized person, any
payment by order or on behalf of any person resident outside
India in any manner.
Explanation.-
For the purpose of this clause, where any person in, or
resident in, India receives any payment by order or on behalf
of any person resident outside India through any other person
(including an authorized person) without a corresponding
inward remittance from any place outside India, then, such
person shall be deemed to have received such payment otherwise
than through an authorized person;
(d)
enter into any financial transaction in India as consideration
for or in association with acquisition or creation
or transfer of a right to acquire, any asset outside India by
any person.
Explanation.-For
the purpose of this clause, "financial transaction"
means making any payment to, or for the credit of any person,
or receiving any payment for, by order or on behalf of any
person, or drawing, issuing or negotiating any bill of
exchange or promissory note, or transferring any security or
acknowledging any debt.
4.
Holding of foreign exchange, etc.- Save as otherwise provided
in this Act, no person resident in India shall acquire, hold,
own, possess or transfer any foreign exchange, foreign
security or any immovable property situated outside India.
5.
Current account transactions.- Any person may sell or draw
foreign exchange to or from an authorized person if such sale
or drawal is a current account transaction: Provided that the
Central Government may, in public interest and in consultation
with the Reserve Bank, impose such reasonable restrictions for
current account transactions as may be prescribed.
6.
Capital account transactions. - (1) Subject to the provisions
of sub-section (2), any person may sell or draw foreign
exchange to or from an authorized person for a capital account
transaction.
(2)
The Reserve Bank may, in consultation with the Central
Government, specify-
(a)
any class or classes of capital account transactions which are
permissible;
(b)
the limit up to which foreign exchange shall be admissible for
such transactions: Provided that the Reserve Bank shall not
impose any restriction on the drawal of foreign exchange for
payments due on account of amortization of loans or for
depreciation of direct investments in the ordinary courts of
business.
(3)
Without prejudice to the generality of the provisions of
sub-section (2), the Reserve Bank may, by regulations,
prohibit, restrict or regulate the following-
(a)
transfer or issue of any foreign security by a person resident
in India;
(b) transfer or issue of any security by a person resident
outside India;
(c) transfer or issue of any security or foreign security by
any branch, office or agency in India of a person resident
outside India;
(d) any borrowing or lending in rupees in whatever form or by
whatever name called;
(e) any borrowing or lending in rupees in whatever form or by
whatever name called between a person resident in India and a
person resident outside India;
(f) deposits between persons resident in India and persons
resident outside India;
(g) export, import or holding of currency or currency notes;
(h) transfer of immovable property outside India, other than a
lease not exceeding five years, by a person resident in India;
(i) acquisition or transfer of immovable property in India,
other than a lease not exceeding five years, by a person
resident outside India;
(j) giving of a guarantee or surety in respect of any debt,
obligation or other liability incurred-
(i) by a person resident in India and owed to a person
resident outside India; or
(ii) by a person resident outside India.
(4)
A person resident in India may hold, own, transfer or invest
in foreign currency, foreign security or any immovable
property situated outside India if such currency, security or
property was acquired, held or owned by such person when he
was resident outside India or inherited from a person who was
resident outside India.
(5)
A person resident outside India may hold, own, transfer or
invest in Indian currency, security or any immovable property
situated in India if such currency, security or property was
acquired, held or owned by such person when he was resident in
India or inherited from a person who was resident in India.
(6)
Without prejudice to the provisions of this section, the
Reserve Bank may, by regulation, prohibit, restrict, or
regulate establishment in India of a branch, office or other
place of business by a person resident outside India, for
carrying on any activity relating to such branch, office or
other place of business.
7.
Export of goods and services.- (1) Every exporter of goods
shall-
(a) furnish to the Reserve Bank or to such other authority a
declaration in such form and in such manner as may be
specified,
containing true and correct material particulars, including
the amount representing the full export value or, if the full
export
value of the goods is not ascertainable at the time of export,
the value which the exporter, having regard to the prevailing
market conditions, expects to receive on the sale of the goods
in a market outside India;
(b) furnish to the Reserve Bank such other information as may
be required by the Reserve Bank for the purpose of ensuring
the
realization of the export proceeds by such exporter.
(2) The Reserve Bank may, for he purpose of ensuring that the
full export value of the goods or such reduced value of the
goods
as the Reserve Bank determines, having regard to the
prevailing market conditions, is received without any delay,
direct any e
porter to comply with such requirements as it deems fit.
(3) Every exporter of services shall furnish to the Reserve
Bank or to such other authorities a declaration in such form
and in
such manner as may be specified, containing the true and
correct material particulars in relation to payment for such
services.
8.
Realisation and repatriation of foreign exchange.- Save as
otherwise provided in this Act, where any amount of foreign
exchange is due or has accrued to any person resident in
India, such person shall take all reasonable steps to realize
and
repatriate to India such foreign exchange within such period
and in such manner as may be specified by the Reserve Bank.
9.
Exemption from realization and repatriation in certain cases.-
The provisions of sections 4 and 8 shall not apply to the
following, namely:-
(a) possession of foreign currency or foreign coins by any
person up to such limit as the Reserve Bank may specify;
(b) foreign currency account held or operated by such person
or class of persons and the limit up to which the Reserve Bank
may
specify;
(c) foreign exchange acquired or received before the 8th day
of July, 1947 or any income arising or accruing thereon which
is held
outside India by any person in pursuance of a general or
special permission granted by the Reserve Bank;
(d) foreign exchange held by a person resident in India up to
such limit as the Reserve Bank may specify, if such foreign
exchange
was acquired by way of gift or inheritance from a person
referred to in clause (c), including any income arising
therefrom;
(e) foreign exchange acquired from employment, business,
trade, vocation, services, honorarium, gifts, inheritance or
any other
legitimate means up to such limit as the Reserve Bank may
specify; and
(f) such other receipts in foreign exchange as the Reserve
Bank may specify.
10.
Authorised person.-(1) The Reserve Bank may, on an application
made to it in this behalf, authorize any person to be
known as authorized person to deal in foreign exchange or in
foreign securities, as an authorized dealer, money changer or
off-shore anking unit or in any other manner as it deems fit.
(2) An authorization under this section shall be in writing
and shall be subject to the conditions laid down therein.
(3) An authorization granted under sub-section (1) may be
revoked by the Reserve Bank at any time if the Reserve Bank is
satisfied
that-
(a) it is in public interest so to do; or
(b) the authorized person has failed to comply with the
condition subject to which the authorization was granted or
has contravened
any of the provisions of the Act or any rule, regulation,
notification, direction or order made thereunder:
Provided that no such authorization shall be revoked on any
ground referred to in clause (b) unless the authorized person
has
been given a reasonable opportunity of making a representation
in the matter.
(4) An authorized person shall, in all his dealings in foreign
exchange or foreign security, comply with such general or
special
directions or orders as the Reserve Bank may, from time to
time, think fit to give, and, except with the previous
permission f the
Reserve Bank, an authorized person shall not engage in any
transaction involving any foreign exchange or foreign security
which is not in conformity with the terms of his authorization
under this section.
(5) An authorized person shall, before undertaking any
transaction in foreign exchange on behalf of any person,
require
that person to make such declaration and to give such
information as will reasonably satisfy him that the
transaction will not
involve and is not designed for the purpose of any
contravention or evasion of the provisions of this Act or of
any rule,
regulation, notification, direction or order made thereunder,
and where the said person refuses to comply with any such
requirement
or make only unsatisfactory compliance therewith, the
authorized person shall refuse in writing to undertake the
transaction and
shall, if he has reason to believe that any such contravention
or evasion as aforesaid is contemplated by the person, report
the
mat er to the Reserve Bank.
(6) Any person, other than an authorized person, who has
acquired or purchased foreign exchange for any purpose
mentioned in the
declaration made by him to authorized person under sub-section
(5) does not use it for such purpose or does not surrender it
to
authorized person within the specified period or uses the
foreign exchange so acquired or purchased for any other
purpose for which
purchase or acquisition or foreign exchange is not permissible
under the provisions of the Act or the rules or regulatio s or
direction or order made thereunder shall be deemed to have
committed contravention of the provisions of the Act for the
purpose of this section.
11.
Reserve Bank's powers to issue directions to authorised
person.-(1) The reserve Bank may, for the purpose of securing
compliance
with the provisions of this Act and of any rules, regulations,
notifications or directions made thereunder, give to the
authorised persons
any direction in regard to making of payment or the doing or
desist from doing any act relating to foreign exchange or
foreign security.
(2)
The Reserve Bank may, for the purpose of ensuring the
compliance with the provisions of this Act or of any rule,
regulation, notification,
direction or order made thereunder, direct any authorised
person to furnish such information, in such manner, as it
deems fit.
(3)
Where any authorised person contravenes any direction given by
the Reserve Bank under this Act or fails to file any return as
directed by the Reserve Bank, the Reserve Bank may, after
giving reasonable opportunity of being heard, impose on the
authorised
person a penalty which may extend to ten thousand rupees and
in the case of continuing contravention with an additional
penalty
which may extend to two thousand rupees for every day during
which such contravention continues.
12.
Power of Reserve Bank to inspect authorised person.-(1) The
Reserve Bank may, at any time, cause an inspection to be made,
by
any officer of the Reserve Bank specially authorised in
writing by the Reserve Bank in this behalf, of the business of
any a
thorised person as may appear to it to be necessary or
expedient for the purpose of-
(a) verifying the correctness of any statement, information or
particulars furnished to the Reserve Bank;
(b) obtaining any information or particulars which such
authorised person has failed to furnish on being called upon
to do so;
(c) securing compliance with the provisions of this Act or of
any rules, regulations, directions or orders made thereunder.
(2) It shall be the duty of every authorised person, and where
such person is a company or a firm, every director, partner or
other officer of such company or firm, as the case may be, to
produce to any officer making an inspection under sub-section
(1), such books, accounts and other documents in his custody
or power and to furnish any statement or information relating
to the
affairs of such person, company or firm as the said officer
may require within such time and in such manner as the said
officer my
direct.
CHAPTER
IV
CONTRAVENTION AND PENALTIES
13.
Penalties.-(1) If any person contravenes any provision of this
Act, or contravenes any rule, regulation, notification,
direction or order issued in exercise of the powers under this
Act, or contravenes any condition subject to which an
authorization s issued by the Reserve Bank, he shall, upon
adjudication, be liable to a penalty up to thrice the sum
involved in such contravention where such amount is
quantifiable, or up to two lakh rupees where the amount is not
quantifiable,
and where such contrav ntion is a continying one, further
penalty which may extend to five thousand rupees for every day
after the
first day during which the contravention continues.
(2) Any Adjudicating Authority adjudging any contravention
under sub-section (1), may, if he thinks fit in addition to
any penalty
which he may impose for such contravention direct that any
currency, security or any other money or property in respect
of
hich the contravention has taken place shall be confiscated to
the Central Government and further direct that the foreign
exchange holdings, if any, of the persons committing the
contraventions or any part thereof, shall be brought back into
India or sha l be retained outside India in accordance with
the directions made in this behalf.
Explanation.- For the purposes of this sub-section,
"property" in respect of which contravention has
taken place, shall include-
(a) deposits in a bank, where the said property is converted
into such deposits;
(b) Indian currency, where the said property is converted into
that currency; and
(c) any other property which has resulted out of the
conversion of that property.
14.
Enforcement of the orders of Adjudicating Authority.-(1)
Subject to the provisions of sub-section (2) of section 19, if
any person fails to make full payment of the penalty imposed
on him under section 13 within a period of ninety days from
the date
on which the notice for payment of such penalty is served on
him, he shall be liable to civil imprisonment under this
section.
(2) No order for the arrest and detention in civil prison of a
defaulter shall be made unless the Adjudication Authority has
issued and served a notice upon the defaulter calling upon him
to appear before him on the date specified in the notice and
to sh w
cause why he should not be committed to the civil prison, and
unless the Adjudicating Authority, for reasons in writing, is
satisfied-
(a) that the defaulter, with the object or effect of
obstructing the recovery of penalty, has after the issue of
notice by the
Adjudicating Authority, dishonestly transferred, concealed, or
removed any part of his property, or
(b) that the defaulter has, or has had since the issuing of
notice by the Adjudicating Authority, the means to pay the
arrears or some substantial part thereof and refuses or
neglects or has refused or neglected to pay the same.
(3) Notwithstanding anything contained in sub-section (1), a
warrant for the arrest of the defaulter may be issued by the
Adjudicating Authority if the Adjudicating Authority is
satisfied, by affidavit or otherwise, that with the object or
effect of dela ing the execution of the certificate the
defaulter is likely to abscond or leave the local limits of
the
jurisdiction of the Adjudicating Authority.
(4) Where appearance is not made pursuant to a notice issued
and served under sub-section (1), the Adjudicating Authority
may
issue a warrant for the arrest of the defaulter.
(5) A warrant of arrest issued by the Adjudicating Authority
under sub-section (3) or sub-section (4) may also be executed
by
any other Adjudicating Authority within whose jurisdiction the
defaulter may for the time being be found.
(6) Every person arrested in pursuance of a warrant of arrest
under this section shall be brought before the Adjudicating
Authority issuing the warrant as soon as practicable and in
any event within twenty-four hours of his arrest (exclusive of
the
time equired for the journey):
Provided that, if the defaulter pays the amount entered in the
warrant of arrest as due and the costs of the arrest to the
officer arresting him, such officer shall at once release him.
Explanation.-For the purposes of this sub-section, where the
defaulter is a Hindu undivided family, the karta thereof shall
be
deemed to be the defaulter.
(7) When a defaulter appears before the Adjudicating Authority
pursuant to a notice to show cause or is brought before the
Adjudicating Authority under this section, the Adjudicating
Authority shall give the defaulter an opportunity showing
cause
why he hould not be committed to the civil prison.
(8)
Pending the conclusion of the inquiry, the Adjudicating
Authority may, in
his discretion, order the defaulter to be detained in the
custody of such officer as the Adjudicating Authority may
think fit or
release him on his furnishing the security to t e satisfaction
of the Adjudicating Authority for his appearance as and when
required.
(9) Upon the conclusion of the inquiry, the Adjudicating
authority may make an order for the detention of the defaulter
in
the civil prison and shall in that event cause him to be
arrested if he is not already under arrest: Provide that in
order to give
a defaulter an opportunity of satisfying the arrears, the
Adjudicating Authority may, before making the order of
detention,
leave the defaulter in the custody of the officer arresting
him or of any other officer for a specif ed period not
exceeding
fifteen days, or release him on his furnishing security to the
satisfaction of the Adjudicating Authority for his appearance
at
the expiration of the specified period if the arrears are not
satisfied.
(10) When the Adjudicating Authority does not make an order of
detention under sub-section (9), he shall, if the defaulter is
under arrest, direct his release.
(11) Every person detained in the civil prison in execution of
the certificate may be so detained,-
(a) where the certificate is for a demand of an amount
exceeding rupees one crore, up to three years, and
(b) in any other case, up to six months:
Provided that he shall be released from such detention on the
amount mentioned in the warrant for his detention being paid
to
the officer-in-charge of the civil prison.
(12) A defaulter released from detention under this section
shall not, merely by reason of his release, be discharged from
his
liability for the arrears, but he shall not be liable to be
arrested under the certificate in execution of which he was
detaine in the civil prison.
(13) A detention order may be executed at any place in India
in the manner provided for the execution of warrant of arrest
under
the Code of Criminal Procedure, 1973 (2 of 1974).
15.
Power to compound contravention.-(1) Any contravention under
section 13 may, on an application made by the person
committing
such contravention, be compounded within one hundred and
eighty days from the date of receipt of application by the
Director f
Enforcement or such other officers of the Directorate of
Enforcement and officers of the Reserve Bank as may be
authorised
in this behalf by the Central Government in such manner as may
be prescribed.
(2) Where a contravention has been compounded under
sub-section (1), no proceeding or further proceeding, as the
case may be,
shall be initiated or continued, as the case may be, against
the person committing such contravention under that section,
in re
pect of the contravention so compounded.
16.
Appointment of Adjudicating Authority.-(1) For the purpose of
adjudication under section 13, the Central Government may, by
an order published in the Official Gazette, appoint as many
officers of the Central Government as it may think fit, as the
Adj dicating Authorities for holding an inquiry in the manner
prescribed after giving the person alleged to have committed
contravention under section 13, against whom a complaint has
been made under sub-section (3) (hereinafter in this section
referred
to a the said person) a reasonable opportunity of being heard
for the purpose of imposing any penalty:
Provided that where the Adjudicating Authority is of opinion
that the said person is likely to abscond or is likely to
evade in any
manner, the payment of penalty, if levied, it may direct the
said person to furnish a bond or guarantee for such amount an
subject
to such conditions as it may deem fit.
(2) The Central Government shall, while appointing the
Adjudicating Authorities under sub-section (1), also specify
in
the order published in the Official Gazette, their respective
jurisdictions.
(3) No Adjudicating Authority shall hold an enquiry under
sub-section (1) except upon a complaint in writing made by any
officer authorised by a general or special order by the
Central Government.
(4) The said person may appear either in person or take the
assistance of a legal practitioner or a chartered accountant
of
his choice for presenting his case before the Adjudicating
Authority.
(5) Every Adjudicating Authority shall have the same powers of
a civil court which are conferred on the Appellate Tribunal
under
sub-section (2) of section 28 and-
(a) all proceedings before it shall be deemed to be judicial
proceedings within the meaning of sections 193 and 228 of the
Indian Penal Code (45 of 1860);
(b) shall be deemed to be a civil court for the purposes of
sections 345 and 346 of the Code of Criminal Procedure, 1973
(2
of 1974).
(6) Every Adjudicating Authority shall deal with the complaint
under sub-section (2) as expeditiously as possible and
endeavor
shall be made to dispose of the complaint finally within one
year from the date of receipt of the complaint:
Provided that where the complaint cannot be disposed of within
the said period, the Adjudicating Authority shall record
periodically the reasons in writing for not disposing of the
complaint within the said period.
Appeal
to Special Director (Appeals) :- 17. (1) The Central
Government shall, by notification, appoint one or more Special
Directors (Appeals) to hear appeals against the orders of the
Adjudicating Authorities under this section and shall also
specify in the said notification the matter and places in
relation to which the Special Director (Appeals) may exercise
jurisdiction.
(2)
Any person aggrieved by an order made by the Adjudicating
Authority, being an Assistant Director or Enforcement or a
Deputy Director of Enforcement, may prefer an appeal to the
Special Director (Appeals).
(3)
Every appeal under sub-section (1) shall be filed within
forty-five days from the date on which the copy of the order
made by the Adjudicating Authority is received by the
aggrieved person and it shall be in such form, verified in
such manner and be accompanied by such fee as may be
prescribed :
Provided
that the Special Director (Appeals) may entertain an appeal
after the expiry of the said period of forty-five days, if he
is satisfied that there was sufficient cause for not filing it
within that period.
(4)
On receipt of an appeal under sub-section (1), the Special
Director (Appeals) may after giving the parties to the appeal
an opportunity of being heard, pass such order thereon as he
thinks fit, confirming, modifying or setting aside the order
appealed against.
(5)
The Special Director (Appeals) shall send a copy of every
order made by him to the parties to appeal and to the
concerned Adjudicating Authority.
(6)
The Special Director (Appeals) shall have the same powers of a
civil court which are conferred on the Appellate Tribunal
under sub-section (2) of section 28 and -
(a)
all proceedings before him shall be deemed to be judicial
proceedings within the meaning of sections 193 and 228 of the
Indian Penal Code;
(b)
shall be deemed to be a civil court for the purposes of
sections 345 and 346 of the Code of Criminal Procedure, 1973.
Establishment
of Appellate Tribunal.
18.
The Central Government shall, by notification, establish an
appellate Tribunal to be known as the Appellate Tribunal for
Foreign Exchange to hear appeals against the orders of the
Adjudicating Authorities and the Special Director (Appeals)
under this Act.
Appeal
to Appellate Tribunal
19.
(1) Save as provided in sub-section (2), the Central
Government or any person aggrieved by an order made by an
Adjudicating Authority, other than those referred to in
sub-section (1) of section 17, or the Special Director
(Appeals), may prefer an appeal to the Appellate Tribunal :
Provided
that any person appealing against the order of the
Adjudicating Authority or the Special Director (Appeals)
levying any penalty, shall while filing the appeal, deposit
the amount of such penalty with such authority as may be
notified by the Central Government:
Provided
further that where in any particular case, the Appellate
Tribunal is of the opinion that the deposit of such penalty
would cause undue hardship to such person, the Appellate
Tribunal may dispense with such deposit subject to such
conditions as it may deem fit to impose so as to safeguard the
realisation of penalty.
(2)
Every appeal under sub-section (1) shall be filed within a
period of forty-five days from the date on which a copy of the
order made by the Adjudicating Authority or the Special
Director (Appeals) is received by the aggrieved person or by
the Central Government and it shall be in such form, verified
in such manner and be accompanied by such fee as may be
prescribed :
Provided
that the Appellate Tribunal may entertain an appeal after the
expiry of the said period of forty-five days if it is
satisfied that there was sufficient cause for not filing it
within that period.
(3)
On receipt of an appeal under sub-section (1), the Appellate
Tribunal may, after giving the parties to the appeal an
opportunity of being heard, pass such orders thereon as it
thinks fit, confirming, modifying or setting aside the order
appealed against.
(4)
The Appellate Tribunal shall send a copy of every order made
by it to the parties to the appeal and to the concerned
Adjudicating Authority or the Special Director (Appeals), as
the case may be.
(5)
The appeal filed before the Appellate Tribunal under
sub-section (1) shall be dealt with by it as expeditiously as
possible and endeavour shall be made by it to dispose of the
appeal finally within one hundred and eighty days from the
date of receipt of the appeal:
(6)
Provided that where any appeal could not be disposed of within
the said period of one hundred and eighty days, the Appellate
Tribunal shall record its reasons in writing for not disposing
off the appeal within the said period.
The
Appellate Tribunal may, for the purpose of examining the
legality, propriety or correctness of any order made by the
Adjudicating Authority under section 16 in relation to any
proceeding, on its own motion or otherwise, call for the
records of such proceedings and make such order in the case as
it thinks fit.
Composition
of Appellate Tribunal
20.
(1) The Appellate Tribunal shall consist of a Chairperson and
such number of Members as the Central Government may deem fit.
(2)
Subject to the provisions of this Act,-
(a)
the jurisdiction of the Appellate Tribunal may be exercised by
Benches thereof;
(b)
a bench may be constituted by the Chairperson with one or more
Members as the Chairperson may deem fit;
©
he Benches of the Appellate Tribunal shall ordinarily sit at
New Delhi and at such other places as the Central Government
may, in consultation with the Chairperson, notify;
(d)
the Central Government shall notify the areas in relation to
which each Bench of the Appellate Tribunal may exercise
jurisdiction.
(3)
Notwithstanding anything contained in sub-section (2), the
Chairperson may transfer a Member from one Bench to another
Bench.
(4)
If at any stage of the hearing of any case or matter it
appears to the Chairperson or a Member that the case or matter
is of such a nature that it ought to be heard by a Bench
consisting of two Members, the case or matter may be
transferred by the Chairperson or, as the case may be,
referred to him for transfer, to such Bench as the Chairperson
may deem fit.
Qualifications
for appointment of Chairperson, Member and Special Director
(Appeals).
21.
(1) A person shall not be qualified for appointment as the
Chairperson or a Member unless he-
(a)
in the case of Chairperson, is or has been, or is quilified to
be, a Judge of a High Court; and
(b)
in the case of a Member, is or has been, or is qualified to
be, a District Judge.
(2)
A person shall not be qualified for appointment as a Special
Director (Appeals) unless he-
(a)
has been a member of the Indian Legal Service and has held a
post in Grade I of that Service; or
(b)
has been a member of the Indian Revenue Service and has held a
post equivalent to a Joint Secretary to the Government of
India.
Terms
of Office.
22.
The Chairperson and every other Member shall hold office as
such for a term of five years from the date on which he enters
upon his office;
Provided
that no Chairperson or other Member shall hold office as such
after he has attained-
(a)
in the case of the Chairperson, the age of sixty-five years;
(b)
in the case of any other Member, the age of sixty-two years.
Terms
and conditions of service.
23.
The salary and allowances payable to and the other terms and
conditions of service of the Chairperson other Members and the
Special Director (Appeals) Shall be such as may be prescribed;
Provided
that neither the salary and allowances nor the other terms and
conditions of service of the Chairperson or a Member shall be
varied to his disadvantage after appointment.
Vacancies.
24.
If, for reason other than temporary absence, any vacancy
occurs in the office of the Chairperson or a Member, the
Central Government shall appoint another person in accordance
with the provisions of this Act to fill the vacancy and the
proceedings may be continued before the Appellate Tribunal
from the stage at which the vacancy is filled.
Resignation
and removal
25.
(1) The Chairperson or a Member may, by notice in writing
under his hand addressed to the Central Government, resign his
office;
Provided
that the Chairperson or a Member shall, unless he is permitted
by the Central Government to relinquish his office sooner,
continue to hold office until the expiry of three months from
the date of receipt of such notice or until a person duly
appointed as his successor enters upon his office or until the
expiry of term of office, whichever is the earliest.
(2)
The Chairperson or a Member shall not be removed from his
office except by an order by the Central Government on the
ground of proved misbehavior or incapacity after an inquiry
made by such person as the President may appoint for this
purpose in which the Chairperson or a Member concerned has
been informed of the charges against him and given a
reasonable opportunity of being heard in respect of such
charges.
Member
to act as Chairperson in certain circumstances.
26.
(1) In the event of the occurrence of any vacancy in the
office of the Chairperson by reason of his death, resignation
or otherwise, the senior-most Member shall act as the
Chairperson until the date on which a new Chairperson,
appointed in accordance with the provisions of this Act to
fill such vacancy, enters upon his office.
(2)
When the Chairperson is unable to discharge his functions
owing to absence, illness or any other cause, the senior-most
Member shall discharge the functions of the Chairperson until
the date on which the Chairperson resumes his duties.
Staff
of Appellate Tribunal and Special Director (Appeals).
27.
(1) The Central Government shall provide the Appellate
Tribunal and the Special Director (Appeals) with such officers
and employees as it may deem fit.
(2)
The officers and employees of the Appellate Tribunal and
office of the Special Director (Appeals) shall discharge their
functions under the general superintendence of the Chairperson
and the Special Director (Appeals), as the case may be.
(3)
The salaries and allowances and other conditions of service of
the officers and employees of the Appellate Tribunal and
office of the Special Director (Appeals) shall be such as may
be prescribed.
Procedure
and powers of Appellate Tribunal and Special Director
(Appeals).
28.
(1) The Appellate Tribunal and the Special Director (Appeals)
shall not be bound by the procedure laid down by the Code of
Civil Procedure, 1908, but shall be guided by the principles
of natural justice and, subject to the other provisions of
this Act, the Appellate Tribunal and the Special Director
(Appeals) shall have powers to regulate its own procedure.
(2)
The appellate Tribunal and the Special Director (Appeals)
shall have, for the purposes of discharging its functions
under this Act, the same powers as are vested in a civil court
under the Code of Civil Procedure, 1908 while trying a suit,
in respect of the following matters, namely:-
(a)summoning
and enforcing the attendance of any person and examining him
on oath;
(b)
requiring the discovery and production of documents;
(c)
receiving evidence on affidavits;
(d)
subject to the provisions of section 123 and 124 of the Indian
Evidence Act, 1872, requisitioning any public record or
document or copy of such record or document from any office;
(e)
issuing commissions for the examination of witnesses or
documents;
(f)
reviewing its decisions;
(g)
dismissing a representation of default or deciding it ex parte;
(h)
setting aside any order of dismissal of any representation for
default or any order passed by it ex parte; and
(i)
any other matter which may be prescribed by the Central
Government.
(3)
An order made by the Appellate Tribunal or the Special
Director (appeals) under this Act. Shall be executable by the
Appellate Tribunal or the Special Director (Appeals) as a
decree of civil court and, for this purpose, the Appellate
Tribunal and the Special Director (Appeals) shall have all the
powers of a civil count.
(4)
Notwithstanding anything contained in sub-section (3), the
Appellate Tribunal or the Special Director (Appeals) may
transmit any order made by it to a civil court having local
jurisdiction and such civil court shall execute the order as
if it were a decree made by that court.
(5)
All proceedings before the Appellate Tribunal and the Special
Director (Appeals) shall be deemed to be judicial proceedings
within the meaning of sections 193 and 228 of the Indian Penal
Code and the Appellate Tribunal shall be deemed to be a civil
court for the purposes of sections 345 and 346 of the Code of
Criminal Procedure, 1973.
Distribution
of business amongst Benches.
29.
Where Benches are constituted, the Chairperson may, from time
to time, by notification, make provisions as to the
distribution of the business of the Appellate Tribunal amongst
the Benches and also provide for the matters which may be
dealt with by each Bench.
Power
of Chairperson to transfer cases.
30.
On the application of any of the parties and after notice to
the parties, and after hearing such of them as he may desire
to be heard, or on his own motion without such notice, the
Chairperson may transfer any case pending before one Bench,
for disposal, to any other Bench.
Decision
to be by majority.
31.
If the Members of a Bench consisting of two Members differ in
opinion on any point, they shall state the point or points on
which they differ, and make a reference to the Chairperson who
shall either hear the point or points himself or refer the
case for hearing on such point or points by one or more of the
other Members of the Appellate Tribunal and such point or
points shall be decided according to the opinion of the
majority of the Members of the Appellate Tribunal who have
heard the case, including those who first heard it.
Right
of appellant to take assistance of legal practitioner or
chartered accountant and of Government, to appoint presenting
officers.
32.
(1) A person preferring an appeal to the Appellate Tribunal or
the Special Director (Appeals) under this Act may either
appear in person or take the assistance of a legal
practitioner or a chartered accountant of his choice to
present his case before the Appellate Tribunal or the Special
Director (Appeals), as the case may be.
(2)
The Central Government may authorise one or more legal
practitioners of chartered accountants or any of its officers
to act as presenting officers and every person so authorised
may present the case with respect to any appeal before the
Appellate Tribunal or the Special Director (Appeals), as the
case may be.
Members,
etc., to be public servents.
33.
The Chairperson, Members and other officers and employees of
the Appellate Tribunal, the Special Director (Appeals) and the
Adjudicating Authority shall be deemed to be public servants
within the meaning of section 21 of the Indian Penal Code.
Civil
court not to have jurisdiction
34.
No civil court shall have jurisdiction to entertain any suit
or proceeding in respect of any matter which an Adjudicating
Authority or the Appellate Tribunal or the Special Director
(Appeals) is empowered by or under this Act to determine and
no injunction shall be granted by any court or other authority
in respect of any action taken or to be taken in pursuance of
any power conferred by or under this Act.
Appeal
to High Court
35.
Any person aggrieved by any decision or order of the Appellate
Tribunal may file an appeal to the High Court within sixty
days from the date of communication of the decision or order
of the Appellate Tribunal to him on any question of law
arising out of such order:
Provided
that the High Court may, if it is satisfied that the appellant
was prevented by sufficient cause from filing the appeal
within the said period, allow it to be filed within a further
period not exceeding sixty days.
Explanation.-In
this section "High Court" means -
(a)
the High Court within the jurisdiction of which the aggrieved
party ordinarily resides or carries on business or personally
works for gain; and
(b)
where the Central Government is the aggrieved party, the High
Court within the jurisdiction of which the respondent, or in a
case where there are more than one respondent, any of the
respondents, ordinarily resides or carries on business or
personally works for gain.
CHAPTER
VI
Directorate of Enforcement
Directorate
of Enforcement
36.
(1) The Central Government shall establish a Directorate of
Enforcement with a Director and such other officers or class
of officers as it thinks fit, who shall be called officers of
Enforcement, for the purposes of this Act.
(2)
Without prejudice to the provisions of sub-section (1), the
Central Government may authorise the Director of Enforcement
or an Additional Director of Enforcement or a Special Director
of Enforcement or a Deputy Director of Enforcement to appoint
officers of Enforcement below the rank of an Assistant
Director of Enforcement.
(3)
Subject to such conditions and limitations as the Central
Government may impose, an officer of Enforcement may exercise
the powers and discharge the duties conferred or imposed on
him under this Act.
37.
(1) The Director of Enforcement and other officers of
Enforcement, not below the rank of an Assistant Director,
shall take up for investigation the contravention referred to
in section 13.
(2)
Without prejudice to the provisions of sub-section (1), the
Central Government may also, by notification, authorise any
officer or class of officers in the Central Government, State
Government or the Reserve Bank, not below the rank of an Under
Secretary to the Government of India to investigate any
contravention referred to in section 13.
(3)The
officers referred to in sub-section (1) shall exercise the
like powers which are conferred on income-tax authorities
under the Income-tax Act, 1961 and shall exercise such powers,
subject to such limitations laid down under that Act.
Empowering
other officers.
38.
(1) The Central Government may, by order and subject to such
conditions and limitations as it thinks fit to impose,
authorise any officer of customs or any central excise officer
or any police officer or any other officer of the Central
Government or a State Government to exercise such of the
powers and discharge such of the duties of the Director of
Enforcement or any other officer of Enforcement under this Act
as may be stated in the order.
(2).The
officers referred to in sub-section (1) shall exercise the
like powers which are conferred on the income-tax authorities
under the Income-tax Act, 1961, subject to such conditions and
limitations as the Central Government may impose.
CHAPTER
VII
MISCELLANEOUS
Presumption
as to documents in certain cases
39.
Where any document-
(i)
is produced or furnished by any person or has been seized from
the custody or control of any person, in either case, under
this Act or under any other law; or
(ii)
has been received from any place outside India (duly
authenticated by such authority or person and in such manner
as may be prescribed) in the course of investigation of any
contravention under this Act alleged to have been committed by
any person,
and
such document is tendered in any proceeding under this Act in
evidence against him, or against him and any other person who
is proceeded against jointly with him, the court or the
Adjudicating Authority, as the case may be, shall-
(a)
presume, unless the contrary is proved, that the signature and
every other part of such document which purports to be in the
handwriting of any particular person or which the court may
reasonably assume to have been signed by, or to be in the
handwriting of, any particular person, is in that person's
handwriting, and in the case or a document executed or
attested, that it was executed or attested by the person by
whom it purports to have been so executed or attested;
(b)
admit the document in evidence notwithstanding that it is not
duly stamped, if such document is otherwise admissible in
evidence;
(c)
in a case falling under clause (i), also presume, unless the
contrary is proved, the truth of the contents of such
document.
Suspension
of operation of this Act
40.
(1) If the Central Government is satisfied that circumstances
have arisen rendering it necessary that any permission granted
or restriction imposed by this Act should cease to be granted
or imposed, or if it considers necessary or expedient so to do
in public interest, the Central Government may by
notification, suspend or relax to such extent either
indefinitely or for such period as may be notified, the
operation of all or any of the provisions of this Act.
(2)
Where the operation of any provision of this Act has under
sub-section (1) been suspended or relaxed indefinitely, such
suspension or relaxation may, at any time while this Act
remains in force, be removed by the Central Government by
notification.
(3)
Every notification issued under this section shall be laid, as
soon as may be after it is issued, before each House of
Parliament, while it is in session, for a total period of
thirty days which may be comprised in one session or in two or
more successive sessions, and if, before the expiry of the
session immediately following the session or the successive
sessions aforesaid, both Houses agree in making any
modification in the notification or both Houses agree that the
notification should not be issued, the notification shall
thereafter have effect only in such modified form or be of no
effect, as the case may be; so, however, that any such
modification or annulment shall be without prejudice to the
validity of anything previously done under that notification.
Power
of Central Government to give directions.
41.
(1)For the purposes of this Act, the Central Government may,
from time to time, give to the Reserve Bank such general or
special directions as it thinks fit, and the Reserve Bank
shall, in the discharge of its functions under this Act,
comply with any such directions.
Contravention
by companies.
42.
(1) Where a person committing a contravention of any of the
provisions of this Act or of any rule, direction or order made
thereunder is a company, every person who, at the time the
contravention was committed, was in charge of, and was
responsible to, the company for the conduct of the business of
the company as well as the company, shall be deemed to be
guilty of the contravention and shall be liable to be
proceeded against and punished accordingly;
Provided
that nothing contained in this sub-section shall render any
such person liable to punishment if he proves that the
contravention took place without his knowledge or that he
exercised due diligence to prevent such contravention.
(2)
Notwithstanding anything contained in sub-section (1), where a
contravention of any of the provisions of this Act or of any
rule, direction or order made thereunder has been committed by
a company and it is proved that the contravention has taken
place with the consent or connivance of, or is attributable to
any neglect on the part of, any director, manager, secretary
or other officer of the company, such director, manager,
secretary or other officer shall also be deemed to be guilty
of the contravention and shall be liable to be proceeded
against and punished accordingly.
Explanation.
- For the purposes of this section-
(i)
"company" means any body corporate and includes a
firm or other association of individuals; and
(ii) "director", in relation to a firm, means a
partner in the firm.
Death
or insolvency in certain cases.
43.
Any right, obligation, liability, proceeding or appeal arising
in relation to the provisions of section 13 shall not abate by
reason of death or insolvency of the person liable under that
section and upon such death or insolvency such rights and
obligations shall devolve on the legal representative of such
person or the official receiver or the official assignee, as
the case may be;
Provided
that a legal representative of the deceased shall be liable
only to the extent of the inheritance or estate of the
deceased.
Bar
of legal proceedings.
44.
No suit, prosecution or other legal proceeding shall lie
against the Central Government or the Reserve Bank or any
officer of that Government or of the Reserve Bank or any other
person exercising any power or discharging any functions or
performing any duties under this Act, for anything in good
faith done or intended to be done under this Act or any rule,
regulation, notification, direction or order made thereunder.
Removal
of difficulties.
45.
(1) If any difficulty arises in giving effect to the
provisions of this Act, the Central Government may, by order,
do anything not inconsistent with the provisions of this Act
for the purpose of removing the difficulty;
Provided
that no such order shall be made under this section after the
expiry of two years from the commencement of this Act.
(2)
Every order made under this section shall be laid, as soon as
may be after it is made, before each House of Parliament.
Power
to make rules.
46.
(1) The Central Government may, by notification, make rules to
carry out the provisions of this Act.
(2)
Without prejudice to the generality of the foregoing power,
such rules may provide for,---
(a)
the imposition of reasonable restrictions on current account
transactions under section 5;
(b)
the manner in which the contravention may be compounded under
sub-section (1) of section 15;
(c)
the manner of holding an inquiry by the Adjudicating Authority
under sub-section (1) of section 16;
(d)
the form of appeal and fee for filing such appeal under
sections 17 and 19;
(e)
the salary and allowances payable to and the other terms and
conditions of service of the Chairperson and other Members of
the Appellate Tribunal and the Special Director (Appeals)
under section 23;
(f)
he salaries and allowances and other conditions of service of
the officers and employees of the Appellate Tribunal and the
office of the Special Director (Appeals) under sub-section (3)
of section 27;
(g)
he additional matters in respect of which the Appellate
Tribunal and the Special Director (Appeals) may exercise the
powers of a civil court under clause (i) of sub-section (2) of
section 28;
(h)
he authority or person and the manner in which any document
may be authenticated under clause (ii) of section 39; and
(i)
Any other matter which is required to be, or may be,
prescribed.
Power
to make regulations.
47.
(1) he Reserve Bank may, by notification, make regulations to
carry out the provisions of this Act and the rules made
thereunder.
(2)
Without prejudice to the generality of the foregoing power,
such regulations may provide for,-
(a)
the permissible classes of capital account transactions, the
limits of admissibility of foreign exchange for such
transactions, and the prohibition, restriction or regulation
of certain capital account transactions under section 6;
(b)
the manner and the from in which the declaration is to be
furnished under clause (a) of sub-section (1) of section 7;
(c)
the period within which and the manner of repatriation of
foreign exchange under section 8;
(d)
the limit up to which any person may possess foreign currency
or foreign coins under clause (a) of section 9;
(e)
the class of persons and the limit up to which foreign
currency account may be held or operated under clause (b) of
section 9;
(f)
the limit up to which foreign exchange acquired may be
exempted under clause (d) of section 9;
(g)
the limit up to which foreign exchange acquired may be
retained under clause (e) of section9;
(h)
any other matter which is required to be, or may be specified.
Rules
and regulations to be laid before Parliament.
48.
Every rule and regulation made under this Act shall be laid,
as soon as may be after it is made, before each House of
Parliament, while it is in session for a total period of
thirty days which may be comprised in one session or in two or
more successive sessions, and if, before the expiry of the
session immediately following the session or the successive
sessions aforesaid, both Houses agree that the rule or
regulation should not be made, the rule or regulation shall
thereafter have effect only in such modified form or be of no
effect, as the case may be; so, however, that any such
modification or annulment shall be without prejudice to the
validity of anything previously done under that rule or
regulation.
Repeal
and saving
49.
(1) The Foreign Exchange Regulation Act, 1973 is hereby
repealed and the Appellate Board constituted under sub-section
(1) of section 52 of the said Act (hereinafter referred to as
the repealed Act) shall stand dissolved.
(2)
On the dissolution of the said Appellate Board, the person
appointed as Chairman of the Appellate Board and every other
person appointed as Member and holding office as such
immediately before such date shall vacate their respective
offices and no such Chairman or other person shall be entitled
to claim any compensation for the premature termination of the
term of his office or of any contract of service.
(3)
Notwithstanding anything contained in any other law for the
time being in force, nor court shall take cognizance of an
offence under the repealed Act and no adjudicating officer
shall take notice of any contravention under section 51 of the
repealed Act after the expiry of a period of two years from
the date of the commencement of this Act.
(4)
Subject to the provisions of sub-section (3) all offences
committed under the repealed Act shall continue to be governed
by the provisions of the repealed Act as if that Act had not
been repealed.
(5)
Notwithstanding such repeal,-
(a
)anything done or any action taken or purported to have been
done or taken including any rule, notification, inspection,
order or notice made or issued or any appointment,
confirmation or declaration made or any license, permission,
authorization or exemption granted or any document or
instrument executed or any direction given under the Act
hereby repealed shall, in so far as it is not inconsistent
with the provisions of this Act, be deemed to have been done
or taken under the corresponding provisions of this Act;
(b)
any appeal preferred to the Appellate Board under sub-section
(2) of section52 of the repealed Act but not disposed off
before the commencement of this Act shall stand transferred to
and shall disposed of by the Appellate Tribunal constituted
under this Act;
(c)
very appeal from any decision or order of the appellate Board
under sub-section (3) or sub-section (4) of section 52 of the
repealed Act shall, it not filed before the commencement of
this Act, be filled before the High Court within a period of
sixty days of such commencement:
Provided
that the High Court may entertain such appeal after the expiry
of the said period of sixty days if it is satisfied that the
appellant was prevented by sufficient cause from filing the
appeal with the said period.
(6)
Save as otherwise provided in sub-section (3), the mention of
particular matters in sub-section (2), (4) and (5) shall not
be held to prejudice or affect the general application of
section 6 of the General Clauses Act, 1897 with regard to the
effect of repeal.
RAGHUBIR
SINGH
Secy. to the Govt. of India
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