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CS Executive · Economic, Commercial and Intellectual Property Laws · Law relating to Foreign Exchange Management

Following a seizure under Section 37A(1) on 1 March, the Authorised Officer must place the order and relevant material before the Competent Authority. Within what period must he do so, and who is the Competent Authority?

He must place it within thirty days from the date of seizure, before the Competent Authority, who is an officer not below the rank of Joint Secretary to the Government of India, appointed by the Central Government, under Section 37A(2).

  1. AWithin 7 days; an officer of the Reserve Bank
  2. BWithin 60 days; the Adjudicating Authority
  3. CWithin 30 days; an officer not below the rank of Joint Secretary to the Government of IndiaCorrect
  4. DWithin 180 days; the Appellate Tribunal

Explanation

Section 37A(2) requires the order of seizure with relevant material to be placed before the Competent Authority within thirty days of the seizure. The Competent Authority is appointed by the Central Government and is an officer not below the rank of Joint Secretary. The 180 days is the period for the Competent Authority to dispose of the matter, not for placing it.

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