2024 (8) TMI 1537 - AT - FEMA

Request from the Assistant Director of the Enforcement Directorate for an extension of three months to issue a notice u/s 37(A) of the FEMA Act - respondent has raised objection to it because a period of more than two years has already passed and otherwise the matter is dragging only to find out the status of investigation. The prayer is made not to grant any further time. HELD THAT - We have considered the rival submissions and find reasons to accept the prayer made by the officer present in the Tribunal and accordingly let this matter be posted on 4th December 2024 to find out the outcome of the order passed by the Tribunal today.

Summary

The Appellate Tribunal under SAFEMA at New Delhi, chaired by Justice Munishwar Nath Bhandari and Member Shri Balesh Kumar, addressed a request from the Assistant Director of the Enforcement Directorate for an extension of three months to issue a notice under Section 37(A) of the FEMA Act, 1999. Despite objections from the respondent's counsel, who argued that the investigation has already been delayed for over two years, the Tribunal accepted the officer's request. The matter is scheduled for further review on December 4, 2024, to assess the progress in accordance with the Tribunal's current order.