Legal Heirs Have Right To Seek Impleadment In Pending Appeals Under FEMA: Delhi High Court

The Delhi High Court has observed that legal heirs have right to seek Impleadment after the appellant's death in pending appeals under the Foreign Exchange Regulation Act, 1973, and the Foreign Exchange Management Act, 1999. “…the right to seek impleadment of legal heirs in such circumstances is not one that arises dehors the statute; rather, it is one that is expressly recognised...

FERA | ED Can Seize Indian Currency Intended For Illegal Purchase Of Foreign Exchange: Delhi High Court

The Delhi High Court has made it clear that Indian currency can be seized by the Enforcement Directorate under provisions of the erstwhile Foreign Exchange Regulation Act, 1973, if the same is intended to be used for illegal purchase of foreign exchange.FERA, 1973 was enacted to regulate the inflow and outflow of foreign exchange in India, and to prevent hoarding of foreign currency. The...

Enforcement Officer Competent To File Complaint Under Repealed Provisions Of FERA During Sunset Period Of 2 Years After Enforcement Of FEMA: Supreme Court

The Supreme Court has ruled that the Enforcement Officer appointed and authorised under the repealed provisions of the Foreign Exchange Regulation Act, 1973 (FERA), will continue to have the authority and competence to file a complaint for the offences punishable under the Act before the expiry of the sunset period of 2 years provided under Section 49(3) of the Foreign Exchange Management...

Proceedings Should Be Initiated Within Reasonable Period When No Period Is Specified In Statute: Supreme Court

The Supreme Court observed that the authorities are required to initiate proceeding within a reasonable period when no such period has been provided in the Statute.The bench comprising Justices BR Gavai and PS Narasimha quashed show cause notices issued in the year 2002 against some banks to explain certain transactions of the year 1992-­1993.In this case, proceedings were initiated under...

[Section 68 FERA] Liability For Offence Depends On Role One Plays In Company Affairs And Not On Mere Designation Or Status: SC [Read Judgment]

The Supreme Court has held that, for proceeding against a Director of a company for contravention of provisions of Foreign Exchange Regulation Act, 1973, the necessary ingredient for proceeding shall be that at the time offence was committed, the Director was in charge of and was responsible to the company for the conduct of the business of the company. The liability to be proceeded with...