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of <h1>Section 37A of FEMA 1999: Seize Assets in India for Foreign Exchange Violations; Appeals Allowed, Section 15 Excluded.</h1> Section 37A of the Foreign Exchange Management Act, 1999, introduced by the Finance Act, 2015, addresses assets held outside India in violation of section 4. It empowers an Authorized Officer, upon reasonable belief, to seize equivalent value assets within India. Seizures are subject to a minimum prescribed value. The Competent Authority, a senior government officer, reviews seizures within 30 days, with a decision required in 180 days, excluding court stay periods. If the foreign assets are disclosed and repatriated, the seizure may be reconsidered. Aggrieved parties can appeal to the Appellate Tribunal, and section 15 does not apply to this section.
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