Appellate Tribunal jurisdiction under FEMA is vested in the designated existing tribunal, replacing the separate establishment mechanism for foreign exchange appeals.

Appellate jurisdiction under the Foreign Exchange Management Act, 1999 is vested in the Appellate Tribunal constituted under the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. From commencement of the specified Finance Act, 2017 provisions, that Tribunal functions as the Appellate Tribunal for FEMA purposes and exercises the jurisdiction, powers and authority conferred under FEMA. The earlier framework contemplated a separately established Appellate Tribunal for Foreign Exchange to hear specified appeals.

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