INDIA FOREIGN EXCHANGE

 
 
 
 
Related Pages
Indian Magazines
Journalism Institutes
Press Council of India
Press Information Bureau
 
 
 
     
     

    India Foreign Exchange Info

     

    Foreign Contribution (Regulation) Act, 1976

       

    9. Suspension of a licence

     

    (1) The Director-General or the licensing authority may, by an order in writing, suspend the operation of a licence granted to-

    (a) any person, if an order of detention has been made against such person under the provisions of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974); or

    (b) a partnership firm or a private limited company, if the person referred to in clause (a) is a partner or a whole-time director or managing director, as the case may be, of such firm or company:

    PROVIDED that the order of suspension shall cease to have effect in respect of the aforesaid person or, as the case may be, the partnership-firm or company, when the order of detention made against such person,-

    (i) being an order of detention to which the provisions of section 9 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974), do not apply, has been revoked on the report of the Advisory Board under section 8 of that Act or before receipt of the report of the Advisory Board or before making a reference to the Advisory Board; or

    (ii) being an order of detention to which the provisions of section 9 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974), apply, has been revoked on the report of the Advisory Board under section 8 read with sub-section (2) of section 9 of that Act or before receipt of such report;

    (iii) has been set aside by a court of competent jurisdiction.

    (2) The Director-General or the licensing authority may, by an order in writing, suspend the operation of any licence granted under these rules, where proceedings for cancellation of such licence have been initiated under rule 10.

    10. Cancellation of a licence
    The Director-General or the licensing authority may, by an order in writing, cancel any licence granted under these rules, if-

    (a) the licence has been obtained by fraud, suppression of facts or misrepresentation; or

    (b the licensee has committed a breach of any of the conditions of the licence; or

    (c) the licensee has tampered with the licence in any manner; or

    (d) the licensee has contravened any law relating to customs or foreign exchange or the rules and regulations relating thereto.

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
     

     

     
     
     
     
     
    Comments