Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | 1999 Foreign Exchange Management Act |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Act(s) Referred | Foreign Exchange Regulation Act, 1973 (46 of 1973) Foreign Exchange Management Act, 1999 (42 of 1999) |
Case(s) Referred | Referred Case 0 |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Dismissed |
Headnote | Issue for consideration: Whether the Enforcement Offi cer appointed under FERA, 1973 continued to have the authority or competence to fi le a complaint for the off ences punishable under FERA before the expiry of the sunset period provided in sub-section (3) of s.49 of FEMA, 1999.Foreign Exchange Management Act, 1999 – Foreign Exchange Regulation Act, 1973 – On 11.02.2002, the fi rst respondent, who was an Enforcement Offi cer appointed under clause (e) of s.3 of FERA, fi led a complaint against the appellants for various off ences punishable under FERA and s.120-B of IPC – Cognizance taken by the Magistrate – Same was upheld by the High Court – Propriety:Held: The Foreign Exchange Management Act, 1999 (FEMA) was brought into force with eff ect from 01.06.2000 – By virtue of sub-section (1) of s.49 of FEMA, the Foreign Exchange Regulation Act,1973 (FERA) stood repealed – In the facts of the case, the cognizance was taken by the Magistrate within the sunset period of two years provided under sub-section (3) of s.49 of FEMA – The complaint was fi led by the fi rst respondent, an Enforcement Offi cer appointed under clause (e) of s.3 of FERA – The power under sub-clause (b) of clause (ii) of sub-section (2) of s.61 was exercised by the Central Government and all the Enforcement Offi cers were authorised to fi le complaints regarding the off ences punishable u/ss. 56 and 57 of FERA – What is material here is sub-section (4) of s.49 of FEMA, which provides that subject to the provisions of sub-section (3), all offences committed under the repealed Act shall continue to be governed by the provisions of the repealed Act as if that Act had not been repealed – Sub-section (3) of s.49 saves the prosecution for the off ences punishable u/ss. 56 and 57, which have been committed prior to the repeal of FERA, provided the competent Court takes its cognizance within two years from the date of coming into force of FEMA – In view of sub-section (4) of s.49, for the purposes of the prosecution of off ences punishable u/ss. 56 and 57 of FERA, by a legal fi ction, the provisions of the repealed Act will continue to apply – However, the same will continue to apply only for the purposes of prosecution of the off ences which are saved by sub-section (3) of s.49 of FEMA – That is how the complaint fi led by the Enforcement Offi cer, duly authorised under clause (ii) of sub-section (2) of s.61 of FEMA, will continue to be valid, inasmuch as by virtue of the legal fi ction incorporated in sub-section (4) of s.49, the prosecution will continue to be governed by the provisions of FERA as if the same had not been repealed. [Paras 10 and 11] |
Judge | Hon'ble Mr. Justice Abhay.S. Oka |
Neutral Citation | 2023 INSC 845 |
Petitioner | First Global Stockbroking Pvt. Ltd. & Ors. |
Respondent | Anil Rishiraj & Anr. |
SCR | [2023] 12 S.C.R. 421 |
Judgement Date | 2023-09-21 |
Case Number | 2151 |
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