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Section 25, Foreign Exchange Mgt. Act 1999: Resignation & Removal

Section 25 (Resignation and removal) under Chapter V (Adjudication and Appeal) of the Foreign Exchange Management Act 1999 (FEMA)

❝(1) The Chairperson or a Member may, by notice in writing under his hand addressed to the Central Government, resign his office:

 Provided that the Chairperson or a Member shall, unless he is permitted by the Central Government to relinquish his office sooner, continue to hold office until the expiry of three months from the date of receipt of such notice or until a person duly appointed as his successor enters upon his office or until the expiry of term of office, whichever is the earliest.

(2) The Chairperson or a Member shall not be removed from his office except by an order by the Central Government on the ground of proved misbehavior or incapacity after an inquiry made by such person as the President may appoint for this purpose in which the Chairperson or a Member concerned has been informed of the charges against him and given a reasonable opportunity of being heard in respect of such charges.❞




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Note: Section 25 of the Act was OMITTED by the Finance Act, 2017 (07 of 2017), sec. 165 (w.e.f. 26th May, 2017).

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Extra Notes:

The Foreign Exchange Management Act, 1999 was amended by:
- the Finance Act, 2015 (Act No. 20 of 2015);
- the Finance Act, 2016 (Act No. 28 of 2016);
- the Finance Act, 2017 (Act No. 07 of 2017).

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