Amendment of section 13
Section 140 of the Finance Act, 2015 deals with amendment of section 13. Amendment of section 13 140. In section 13 of the Foreign Exchange Act, after sub-section (1), the following sub-sections shall be inserted, namely:— "(1A) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate v
Amendment of section 13
140. In section 13 of the Foreign Exchange Act, after sub-section (1), the following sub-sections shall be inserted, namely:—
"(1A) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be liable to a penalty up to three times the sum involved in such contravention and confiscation of the value equivalent, situated in India, the Foreign exchange, foreign security or immovable property.
(1B) If the Adjudicating Authority, in a proceeding under sub-section (1A) deems fits, he may, after recording the reasons in writing, recommend for the initiation of prosecution and if the Director of Enforcement is satisfied, he may, after recording the reasons in writing, may direct prosecution by filing a Criminal Complaint against the guilty person by an officer not below the rank of Assistant Director.
(1C) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate value exceeding the threshold prescribed under the proviso to sub-section (1) of section 37A, he shall be, in addition to the penalty imposed under sub-section (1A), punishable with imprisonment for a term which may extend to five years and with fine.
(1D) No court shall take cognizance of an offence under sub-section (1C) of section 13 except as on complaint in writing by an officer not below the rank of Assistant Director referred to in sub-section (1B).".
Section 140, The Finance Act, 2015 (Act 20 of 2015).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 140
What does Section 140 of the Finance Act deal with?
Section 140 of the Finance Act is headed "Amendment of section 13". Amendment of section 13 140. In section 13 of the Foreign Exchange Act, after sub-section (1), the following sub-sections shall be inserted, namely:— "(1A) If any person is found to have acquired any foreign exchange, foreign security or immovable property, situated outside India, of the aggregate v
How do I find court cases under Section 140 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2015 140, section 140 Finance Act 2015, section 140 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 140 of the Finance Act, and has it changed?
Its own text turns on section 13 (Amendment of section 36), so none of them can safely be read on its own. 3 other provisions in this corpus refer back to it.
When was the Finance Act enacted?
Finance Act was enacted in 2015 as Act 20 of 2015. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule8029 words
- Fifth Schedule. Fifth Schedule4392 words
- 2. Income-tax3525 words
- 94. Substitution of new section for section 11AC1125 words
- 6. Insertion of new section 9A1095 words
- 5. Amendment of section 91039 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.