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Section 40 - Suspension of operation of this Act : Foreign Exchange Management Act 1999

 

 

What is Suspension of operation of this Act? Section 40 of FEMA Act 1999

Section 40 of Foreign Exchange Management Act 1999 : "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.

 

FEMA ACT 1999

Section 21 - Qualifications for appointment of Chairperson, Member and Special Director (Appeals)

Section 22 - Term of office

Section 23 - Terms and conditions of service

Section 24 - Vacancies

Section 25 - Resignation and removal

 

 

Section 26 - Member to act as Chairperson in certain circumstances

Section 27 - Staff of Appellate Tribunal and Special Director (Appeals)

Section 28 - Procedure and Powers of Appellate Tribunal and Special Director (Appeals)

Section 29 - Distribution of business amongst Benches

Section 30 - Power of Chairperson to transfer cases

 

 

Section 31 - Decision to be by majority

Section 32 - Right of appellant to take assistance of legal practitioner or chartered accountant and of Government, to appoint presenting officers

Section 33 - Members, etc. to be public servants

Section 34 - Civil court not to have jurisdiction

Section 35 - Appeal to High Court

 

 

CHAPTER VI
DIRECTORATE OF ENFORCEMENT

Section 36 - Directorate of Enforcement

Section 37 - Power of search, seizure, etc

Section 38 - Empowering other officers

CHAPTER VII
MISCELLANEOUS

Section 39 - Presumption as to documents in certain cases

Section 40 - Suspension of operation of this Act

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