Clause 168 - Insertion of new section 37A- Special provisions relating to assets held outside India in contravention of section 4.

Seizure of domestic assets for foreign assets held contrary to capital account restrictions, with administrative review and hearing.

Section 37A authorises an Authorised Officer to seize, after recording reasons in writing, domestic assets equivalent in value to foreign exchange, foreign security, or immovable property situated outside India suspected to have been held in contravention of section 4, subject to a prescribed minimum value exclusion; the seizure order and material must be placed before a Competent Authority who shall, after hearing the Directorate of Enforcement and the aggrieved person, confirm or set aside the order within the prescribed adjudicatory period, excluding any period of judicial stay and allowing a further minimum period after vacation of such stay.