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of <h1>New Section 37A targets illegal foreign assets under FEMA 1999, allowing domestic seizure; Competent Authority review required.</h1> Section 37A is introduced to address assets held outside India in violation of section 4 of the Foreign Exchange Management Act, 1999. An Authorized Officer, upon reasonable belief and after recording reasons, can seize equivalent value within India of foreign exchange, securities, or property held abroad unlawfully. Seizure is not permitted if the aggregate value is below a prescribed limit. The order must be reviewed by a Competent Authority within 30 days, who must decide within 180 days to confirm or set aside the seizure, excluding court stay periods. Amendments to related sections are consequential to changes in the Prevention of Money Laundering Act, 2002.
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