Section 49 of FEMA : Section 49: Repeal And Saving

Explanation using Example

Imagine a company, XYZ Pvt. Ltd., which was investigated under the Foreign Exchange Regulation Act, 1973 (FERA) for alleged violations of foreign exchange norms. Before the case could be resolved, the Foreign Exchange Management Act, 1999 (FEMA) came into force, repealing FERA.

According to Section 49 of FEMA:

• The ongoing proceedings against XYZ Pvt. Ltd. would not be dropped automatically just because FERA was repealed. Instead, they would continue under the provisions of FERA as if it had not been repealed, due to the saving clause in sub-secti...

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