https://www.taxtmi.com/caselaws?id=309824 Section 49 of the Foreign Exchange Management Act, 1999 must be read as a harmonised repeal-and-saving scheme preserving proceedings under the repealed Foreign Exchange Regulation Act, 1973. The provision does not exclude criminal cognizance merely because the complaint was filed after repeal; instead, it retains both prosecution and adjudication within the statutory framework and fixes an outer limit for taking cognizance. The word "and" in sub-section (3) is not to be severed from the saving structure, because that would defeat the legislative object. On this construction, cognizance taken within the statutory framework was valid, the challenge to process failed, and the order issuing process was sustained. en-us Wed, 03 Feb 2010 00:00:00 +0530 Fri, 22 Sep 2023 15:54:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=309824 Section 49 of the Foreign Exchange Management Act, 1999 must be read as a harmonised repeal-and-saving scheme preserving proceedings under the repealed Foreign Exchange Regulation Act, 1973. The provision does not exclude criminal cognizance merely because the complaint was filed after repeal; instead, it retains both prosecution and adjudication within the statutory framework and fixes an outer limit for taking cognizance. The word "and" in sub-section (3) is not to be severed from the saving structure, because that would defeat the legislative object. On this construction, cognizance taken within the statutory framework was valid, the challenge to process failed, and the order issuing process was sustained. Case-Laws FEMA Wed, 03 Feb 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=309824