Amendment of section 18
167. In section 18 of the Foreign Exchange Act, after the words “Adjudicating Authorities’’, the words “Competent Authorities’’ shall be inserted.
Notes on Clauses:
Clauses 166 and 170 of the Bill seek to amend sections 18, 34, 46 and 47 of the Foreign Exchange and Management Act, 1999. The said amendments are consequential to the Part VII providing for the amendments to the Prevention of Money laundering Act, 2002.
