Section 142 - Insertion of new section 37A- Special provisions relating to assets held outside India in contravention of section 4

Seizure of equivalent assets enables authorities to freeze domestic value of abroad-held assets suspected of contravention, subject to review.

An Authorised Officer may, on recorded reasons, seize in India the value equivalent of foreign exchange, foreign securities, or immovable property located abroad suspected to be held in contravention; seizure is subject to a prescribed minimum value. The seizure must be placed before a Competent Authority (senior officer) within a set period, which will confirm or set aside the seizure after hearing enforcement representatives and the aggrieved person; confirmed seizures continue through adjudication. Voluntary disclosure and repatriation by the aggrieved person may lead authorities to set aside the seizure, and appeals lie to the Appellate Tribunal.