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CS Executive · Setting Up of Business, Industrial and Labour Laws · Setting up of Business outside India and Issues Relating thereto

An Authorised Officer seizes assets in India worth the equivalent of foreign securities suspected to be held in breach of section 4 by Ms. Tanvi Shah, on 1 March. Within what period must the seizure order with relevant material be placed before the Competent Authority?

The seizure order and relevant material must be placed before the Competent Authority within thirty days from the date of seizure. The one hundred eighty day period is a different limit, within which the Competent Authority must confirm or set aside the order.

  1. ASeven days from the date of seizure
  2. BFifteen days from the date of seizure
  3. CThirty days from the date of seizureCorrect
  4. DOne hundred eighty days from the date of seizure

Explanation

Section 37A(2) requires the order of seizure with relevant material to be placed before the Competent Authority within thirty days from the date of seizure. The 180 days in option D is the period given to the Competent Authority to dispose of the matter, not the period for placing the order.

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