Section 49 - Repeal and Saving

Repeal of former foreign exchange law bars prosecution after two years and transfers pending appeals to new tribunal

The previous foreign exchange law is repealed and its Appellate Board dissolved, with incumbents vacating office without compensation; prosecutions and adjudications under the repealed law are barred after two years from commencement though prior offences remain governed by the repealed statute; acts, appointments, licences and instruments under the repealed law are saved if consistent with the new Act; pending appeals to the old Appellate Board transfer to the new Appellate Tribunal; appeals to the High Court must be filed within sixty days, subject to condonation for sufficient cause, and the General Clauses Act governs the effect of repeal.