Commencement and amendment of Act 42 of 1999

Section 138 of the Finance Act, 2015 deals with commencement and amendment of Act 42 of 1999. PART V AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT A CT, 1999 Commencement and amendment of Act 42 of 1999 138.

PART V

AMENDMENTS TO THE FOREIGN EXCHANGE MANAGEMENT A CT, 1999

Commencement and amendment of Act 42 of 1999

138. [A] The provisions of this Part shall come into force on such date as the Central Government may, by notification, appoint and different dates may be appointed for different provisions of this Part.

Amendment of section 2 - [B] In the Foreign Exchange Management Act, 1999 (42 of 1999) (herein referred to as the Foreign Exchange Act), in section 2,—

(i)

after clause (c), the following clause shall be inserted, namely:—

'(cc)

''Authorised Officer'' means an officer of the Directorate of Enforcement authorised by the Central Government under section 37A;';

(ii)

after clause (g), the following clause shall be inserted, namely:—

'(gg)

"Competent Authority'' means the Authority appointed by the Central Government under sub-section (2) of section 37A;'.

Section 138, The Finance Act, 2015 (Act 20 of 2015).