Repeal and saving under FEMA preserves prior actions, transfers pending appeals, and limits fresh cognizance under FERA.

Section 49 repeals the Foreign Exchange Regulation Act, 1973, dissolves its Appellate Board, and ends the offices of its Chairman and Members without compensation. Offences committed under the repealed regime remain governed by that regime, but fresh cognizance is barred after the prescribed two-year period. Consistent prior actions continue under corresponding provisions, pending appeals transfer to the Appellate Tribunal, and unfiled appeals from the former Board may be filed before the High Court within sixty days, subject to condonation for sufficient cause.

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