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of <h1>Section 37A: Seizure of Unlawful Foreign Assets Over 1 Crore with Appeal Rights Under FEMA, No Compounding Allowed.</h1> Section 37A, introduced by the Finance Act of 2015, addresses assets held outside India in violation of section 4 of the Foreign Exchange Management Act (FEMA). It empowers authorized officers to seize equivalent value of foreign assets if there is 'reason to believe' they are held unlawfully. Seizure is not allowed if the asset value is below 1 Crore. The order must be reviewed by a Competent Authority within 30 days, who can confirm or set aside the seizure within 180 days, excluding court stay periods. Aggrieved parties can appeal to the Appellate Tribunal, but compounding contraventions is not permitted under this section.
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