TaxTMI 
TaxTMI 
TaxTMI 
Insertion of new sections 29A and 29B- Repeal and savings, Transfer and vesting of undertaking of Commission
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...."29A.(1) The Forward Contracts (Regulation) Act, 1952 (74 of 1952) is hereby repealed. (2) On and from the date of repeal of Forward Contracts Act- (a) the rules and regulations framed by the Central Government and the Commission under the Forward Contracts Act, shall stand repealed; (b) all authorities and entities established by the Central Government under the Forward Contracts Act, includin....
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....as if that Act had not been repealed; (e) a fresh proceeding related to an offence under the Forward Contracts Act, may be initiated by the Security Board under that Act within a period of three years from the date on which that Act is repealed and be proceeded with as if that Act had not been repealed; (f) no court shall take cognizance of any offence under the Forward Contracts Act from the da....
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.... The concessions, privileges, benefits and exemptions including any benefits and exemptions with regard to the payment of any tax, duty and cess granted to the Commission with respect to its undertaking shall be transferred to the Security Board on the date on which the Forward Contracts Act is repealed. (4) Every employee holding any office (excluding members of the Commission) under the Commiss....
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....ward Contracts Act is repealed, an employee of the Commission opting not to be an employee of the Central Government or the Security Board, as the case may be, shall communicate such decision to the Central Government or Security Board, as applicable. (6) Nothing contained in any other law in force shall entitle any employee to any compensation for the loss of office due to the repeal of the Forw....