APPELLATE TRIBUNAL FOR FOREIGN EXCHANGE
The
Appellate
Tribunal for Foreign Exchange, constituted under the Foreign Exchange
Management Act, 1999, with effect from June 1, 2000, disposed of
188 appeals and about 1,060 interim applications during 2001-2002
as against 513 appeals received during the period.
The
Appellate Tribunal for Foreign Exchange is a successor to the
Foreign Exchange Regulation Appellate Board, which ceased to exist
with the repealing of the Foreign Exchange Regulation Act, 1973,
with effect from May 31, 2000. Accordingly, all appeals which
were pending before the FERA Board stood transferred under Section
49, sub-section (5), clause (b) of the Foreign Exchange Management
Act with effect from June 1, 2000.
The
Appellate Tribunal hears appeals from the orders of Enforcement
Directorate under the defunct FERA with a sunset clause valid
until May 31, 2002 and its successor enactment titled the Foreign
Exchange Management Act, 1999.
