SUBSCRIBE(free)-Daily Updates (Click Verification Link Received in Your Email)

New Section 14A of FEMA - Effective from today (22-Nov-2016)

A. Section 229 of the Finance Act, 2016 is as follows:-

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.".

B. Gazette Notification by Ministry of Finance, Department of Revenue, dated 21st November, 2016 is as follows:-

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.
Submit/See Comments With: or

No comments:

Post a Comment