Exchange Manipulators (Forfeiture of Property) Act to provide for the
forfeiture of illegally acquired properties by smugglers and foreign
exchange manipulators. Such a forfeiture is to be ordered by the
competent authority appointed by the central government under the Act.
The said authority has the power to forfeit the property and to impose
fine in lieu of forfeiture in certain cases and, in the case of
allegations against certain trusts, to enquire into the source of
investment in properties in such trusts and to forfeit such properties
as well.
According to the Act the aggrieved party can appeal against any
of the above actions of an Appellate Tribunal which has been
constituted under the Act by the Central government to hear appeals.
The said Tribunal comprises a chairman and such number of other
members as the central government thinks fit. Currently, the Tribunal
consists of the Chairman and two other members.
The Chairman should be a person who is or has been or is
qualified to be a judge of the Supreme Court or of a High Court. The
headquarters of the Tribunal are at Delhi and all appeals are
generally heard at Delhi, but they can be heard at the discretion of
the Chairman either at Bombay or Calcutta or Madras and or at any
other place in the public interest.
The appeal is to be filed within 45 days of the order of the
competent authority, but the Tribunal may entertain a petition in
certain cases after 45 days but not after 60 days from the date
mentioned earlier. No fee is to be paid for filing the appeal to this
Tribunal.
Once the appeal has been received, the Tribunal may (after it
has been given an opportunity to the appellant to be heard if they
desire it, and after making such further enquiry as it deems fit),
confirm, modify or set aside the order appealed against. The hearings
before the Tribunal are not open to the public. During the hearing,
the appellant can be represented by his or her authorised
representative, who can be a company secretary, a charter accountant
or an advocate. The Tribunal has the powers of a civil court while
trying a suit under the Code of Civil Procedure 1908.
For the purposes of exercising its authority in deciding appeals,
the Tribunal can seek the assistance of the officers of the Customs
and the Central Excise Department, the Income Tax Department, the
Enforcement Directorate appointed under the Foreign Exchange
Regulation Act 1973, as well as the Police Department.
No order passed by the Tribunal can be appealed against and
no civil court has the jurisdiction in respect of any matter which the
Tribunal is competent to determine. Thus the remedy against the
Tribunal' order, if the appellant is not satisfied with it, it is
either by way of a writ petition under Article 226 or Article 32 of
the Constitution before the High Courts or Supreme Court respectively
or under Article 136 of the Constitution before the Supreme Court.
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