Special provisions relating to assets held outside India in contravention of section 4 [ Section 37A ]

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....mber, 2015. The genus of this section in traceable to the Government's consistent effort to tackle the evil of the Black Money stashed abroad. This section is one of several measures the Government has proposed in this respect. Section 37A(1) Seizure of value equivalent of assets held outside India * To the invoke this section by the authorised officer must have "reason to believe" that any of ....

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....hange, foreign security, or any immovable property, situated outside India, is less than the 1 Crore value. Section 37A(2) Dealing with order of seizure * The order of seizure along with relevant material shall be placed by authorised officer before the Competent Authority, within a period of thirty days from the date of such seizure. * Such competent Authority is appointed by the Central Gov....

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....cation of vacation of such stay order. Sections 37A(4) Adjudicating Order * The order of the Competent Authority confirming seizure of equivalent asset shall continue till the disposal of adjudication proceedings. * The Adjudicating Authority shall pass appropriate directions in the adjudication order with regard to further action as regards the seizure made under section 37(1). * At any s....