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Section 14A of FEMA 1999: Power of Recover Arrears of Penalty

Section 14A (Power of recover arrears of penalty) under Chapter IV (Contravention and Penalties) of the Foreign Exchange Management Act 1999 (FEMA)

❝(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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Note:

Section 14A of FEMA 1999 was newly inserted by the Finance Act, 2016 (28 of 2016), sec. 229, and came into force w.e.f. 22nd November, 2016. [Ministry of Finance Notification G.S.R. 1080(E) dated 21st November 2016]

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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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