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Date: 15-Mar-2024 Category: Extra Ordinary State: Union Government Country: India

Publication of notification regarding reconstitution of Advisory Board under COFEPOSA

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

What it means

  • The notification reconstitutes the Advisory Board under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 for a period of one year.
  • This reconstitution supersedes the previous notification G.S.R. No. 136 (E) dated 27th February, 2023, except for actions taken or omitted before this supersession.
  • The new Advisory Board will consist of a Chairperson and two members.

Key Changes

  • The Central Government has reconstituted the Advisory Board.
  • The new board consists of: Hon’ble Mr. Justice Vibhu Bakhru (Chairperson), Hon’ble Mr. Justice Manoj Kumar Ohri (Member), and Hon’ble Mr. Justice Dharmesh Sharma (Member).
  • The reconstitution is effective from March 23, 2024.
  • The term of the reconstituted board is one year.
  • This notification supersedes notification G.S.R. No. 136 (E) dated 27th February, 2023.

Impact Analysis

Government

  • Requires administrative actions to update records and processes to reflect the new board composition.

Advisory Board

  • The board's operations will be governed by the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.

Entities and Individuals Subject to COFEPOSA

  • Affected parties can expect that their cases will be reviewed by the newly constituted board from March 23, 2024.

Key Entities Referenced

Central Economic Intelligence Bureau (CEIB): The issuing authority under the Department of Revenue, Ministry of Finance. Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA): The principal legislation under which the Advisory Board is constituted. It aims to conserve foreign exchange and prevent smuggling activities. Advisory Board: A body constituted under Section 8 of COFEPOSA to provide advice on matters related to the Act.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-15032024-253048 CG-DxLx-xEG-I1D5H0x3x2x0 24-253048 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (i) PART II—Section 3—Sub-section (i) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 189] नई दिल्ली, िुक्रिार, माच ि15, 2024/फाल्ग नु 25, 1945 No. 189] NEW DELHI, FRIDAY, MARCH 15, 2024/PHALGUNA 25, 1945 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय आर्थकि आसचू ना ब्यरू ो) अजधसचू ना नई दिल्ली, 15 माच,ि 2024 सा.का.जन. 202(अ).—जिििे ी मुद्रा संरक्षण और तस्ट्करी गजतजिजध जनिारण अजधजनयम, 1974 (1974 का 52) की धारा 8 के खण्ड (क) द्वारा प्रित्त िजियों का प्रयोग करते हुए और भारत सरकार, जित्त मंत्रालय, (रािस्ट्ि जिभाग) की अजधसूचना सं. सा. का. जन. 136 (अ), दिनांक 27 फरिरी, 2023 के अजतक्रमण म,ें ऐस े अजधक्रमण स े पहल े की गयी या छोड़ी गयी िस्ट्तओु के जसिाए, केंद्र सरकार एतद्द्वारा एक िर् ि की अिजध के जलए सलाहकार बोडि का गठन करती ह,ै जिसम े जनम्नजलजखत िाजमल ह:ैं- 1) माननीय श्री न्यायमूर्त ि जिभु बाखरू - अध्यक्ष 2) माननीय श्री न्यायमूर्त ि मनोि कुमार ओहरी - सिस्ट्य 3). माननीय श्री न्यायमूर्त ि धमेि िमा ि - सिस्ट्य 2. यह अजधसूचना 23 माचि, 2024 से प्रभािी होगी । [फा. स.ं पी. डी. 13004/01/2019-कोफेपोसा] नरेि कुमार, उप सजचि 1959 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] पाि टिप्पण्णी: दिनांक 27 फरिरी, 2023 की अजधसूचना स.ं सा. का. जन. 136 (अ) भारत के रािपत्र (असाधारण) भाग II, खण्ड 3, उप खण्ड- (i) म ें क्रमि: दिनांक 27 फरिरी, 2023 को प्रकाजित हुई। MINISTRY OF FINANCE (Department of Revenue) (CENTRAL ECONOMIC INTELLIGENCE BUREAU) NOTIFICATION New Delhi, the 15th March, 2024 G.S.R. 202(E).—In exercise of the powers conferred by clause (a) of Section 8 of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (52 of 1974) and in supersession of the Notifications of the Government of India, in the Ministry of Finance (Department of Revenue) G.S.R. No. 136 (E) dated 27th February, 2023 except as respects things done or omitted to be done before such supersession, the Central Government hereby reconstitutes an Advisory Board for a period of one year, consisting of :- (i) Hon’ble Mr. Justice Vibhu Bakhru - Chairperson (ii) Hon’ble Mr. Justice Manoj Kumar Ohri - Member (iii) Hon’ble Mr. Justice Dharmesh Sharma - Member 2. This notification shall come into force with effect from 23rd March, 2024. [F. No. PD-13004/01/2019-COFEPOSA] NARESH KUMAR, Dy. Secy. Footnote: The Notification G.S.R. No. 136(E) dated 27th February, 2023 was published in the Gazette of India (Extraordinary) Part II, Section 3, Sub Section (i) on the 27.02.2023. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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