Clause 226 - Amendment of Act 42 of 1999- Power to recover arrears of penalty - Finance Bill, 2016

Amendment of Act 42 of 1999 226. In the Foreign Exchange Management Act, 1999, after section 14, the following section shall be inserted, namely: Power to recover arrears of penalty 14A. (1) Save as otherwise provided in this Act, the Adjudicating Authority may, by order in writing, authorise an officer of Enforcement not below the rank of Assistant Director to recover any arrears of penalty from any person who fails to make full payment of penalty imposed on him under section 13 within the period of ninety days from the date on which the notice for payment of such penalty is served on him. (2) The officer referred to in sub-section (1) shall exercise all the like powers which are conferred on the income-tax authority in relation to recovery of tax under the Income-tax Act, 1961 (43 of 1961) and the procedure laid down under the Second Schedule to the said Act shall mutatis mutandis apply in relation to recovery of arrears of penalty under this Act. .