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<h1>Finance Bill 2016: Amendments to Foreign Exchange Management Act Introduce Section 14A for Penalty Recovery.</h1> Clauses 225 and 226 of the Finance Bill, 2016 propose amendments to the Foreign Exchange Management Act, 1999. These amendments introduce a new section, 14A, which grants the authority to recover arrears of penalties. The commencement of these provisions is contingent upon a date specified by the Central Government through a notification in the Official Gazette.