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

An Authorised Officer suspects that a resident holds overseas immovable property in contravention of section 4 of FEMA, and seizes an equivalent value of assets located within India. The aggregate value of the overseas property exceeds the prescribed minimum. Which sequence reflects section 37A?

The Authorised Officer must place the seizure order and material before the Competent Authority within thirty days of seizure. The Competent Authority must then confirm or set aside the order within one hundred eighty days of seizure, after hearing the Enforcement Directorate and the aggrieved person.

1. AThe order is placed before the Competent Authority within thirty days of seizure, and the Competent Authority disposes of the matter within one hundred eighty days of seizure by confirming or setting aside the orderCorrect
2. BThe order is placed before the Appellate Tribunal within 180 days, and the Competent Authority then hears the appeal within thirty days
3. CThe seizure takes effect only after the Adjudicating Authority passes a final order, with no role for the Competent Authority
4. DThe order is placed before the Reserve Bank within thirty days, and the Reserve Bank decides within 180 days