Power to recover arrears of penalty under FEMA w.e.f 22.11.2016 – Notifcation

By | November 23, 2016
(Last Updated On: November 23, 2016)

MINISTRY OF FINANCE

(Department of Revenue)

NOTIFICATION

New Delhi, the 21st November, 2016

G.S.R. 1080(E).— In exercise of the powers conferred by section 228 of the Finance Act, 2016 (28 of 2016), the Central Government hereby appoints the 22nd day of November, 2016, as the date on which the provision of section 229 of the said Act shall come into force.

[F. No. A-12011/02/2014-Ad.ED]

SANTOSH KUMAR, Under. Secy.


Section – 228 of Finance Acts – 2016

PART VI

Amendments to the Foreign Exchange Management Act, 1999

Commencement of this Part

228. The provisions of this Part shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint..

Section – 229 of Finance Acts – 2016

Amendment of Act 42 of 1999

229. In the Foreign Exchange Management Act, 1999, after section 14, the following section shall be inserted, namely:—

“14A. Power to recover arrears of penalty.—(1) Save as otherwise provided in this Act, the Adjudicating Authority may, by order in writing, authorise an officer of Enforcement not below the rank of Assistant Director to recover any arrears of penalty from any person who fails to make full payment of penalty imposed on him under section 13 within the period of ninety days from the date on which the notice for payment of such penalty is served on him.

(2) The officer referred to in sub-section (1) shall exercise all the like powers which are conferred on the income-tax authority in relation to recovery of tax under the Income-tax Act, 1961 (43 of 1961) and the procedure laid down under the Second Schedule to the said Act shall mutatis mutandis apply in relation to recovery of arrears of penalty under this Act.”.

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