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Powers of other Officer [Section 38(2)] - FEMA Ready Reckoner - FEMAExtract Empowering other officers Power of the officer Section 38(2) The officers referred to in section 38(1) shall exercise the like powers which are conferred on the income-tax authorities under the Income-tax Act, 1961, Section 38(2) also provide that such power shall be subject to such conditions and limitations as the Central Government may impose. Review of the Income Tax Act, 1961 shows that the powers conferred on the income tax authorities under that Act are as follows: Powers regarding discovery, production of evidence etc. (Section 131) Search and seizure (Section 132) Power to requisition books of account etc. (Section 132A) Power to call for information (Section 133) Power of survey (Section 133A) Power to collect certain information (Section 133B) Power to inspect registers of companies (Section 134)
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