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Date: 27-Feb-2023 Category: Extra Ordinary State: Union Government Country: India

Reconstitution of New Advisory Board under COFEPOSA Act

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. 298 (E) dated 16th April, 2022, except for actions taken or omitted before this supersession.
  • The new Advisory Board consists 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 Sanjeev Sachdeva as Chairperson, Hon’ble Mr. Justice Subramonium Prasad as Member, and Hon’ble Mr. Justice Jasmeet Singh as Member.
  • The notification is effective from March 23, 2023.
  • The reconstitution is for a period of one year.
  • The previous notification being superseded is G.S.R. No. 298 (E) dated 16th April, 2022.

Impact Analysis

Government

  • Action Item: The Ministry of Finance (Department of Revenue) needs to ensure the smooth transition and handover of responsibilities to the newly constituted Advisory Board.

Advisory Board

  • Action Item: The Advisory Board should establish a work plan and schedule for meetings and consultations.

Entities and Individuals subject to COFEPOSA

  • Action Item: Entities and individuals should stay informed about any policy changes or revised guidelines issued by the Advisory Board or relevant government departments.

Key Entities Referenced

Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 (COFEPOSA): An act to provide for the prevention of certain activities prejudicial to the conservation of foreign exchange and prevention of smuggling activities and for matters connected therewith. Central Economic Intelligence Bureau (CEIB): The intelligence agency responsible for gathering and analyzing economic intelligence related to violations of economic laws and regulations. Ministry of Finance (Department of Revenue): The government body responsible for overseeing fiscal policy, taxation, and revenue collection. Advisory Board: A body constituted under Section 8 of COFEPOSA to provide advice and recommendations on matters related to the Act. G.S.R. No. 298 (E), dated 16th April, 2022: The previous notification that is being superseded by this notification, except for actions taken or omitted before the supersession.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-27022023-243931 xxxGIDHxxx CG-DL-E-27022023-243931 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.ं 112] नई दिल्ली, सोमिार, फरिरी 27, 2023/फाल्ग नु 8, 1944 No. 112] NEW DELHI, MONDAY, FEBRUARY 27, 2023/PHALGUNA 8, 1944 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केन्द्रीय आर्थकि आसचू ना ब्यरू ो) अजधसचू ना नई दिल्ली, 27 फरिरी, 2023 सा.का.जन. 136(अ).—जििेिी मुरा संरक्षण एि ं तस्ट्करी गजतजिजध जनिारण अजधजनयम,1974 (1974 का 52) की धारा 8 के खंड (क) द्वारा प्रित्त िजियों का प्रयोग करत े हुए और भारत सरकार, जित्त मंत्रालय, (रािस्ट्ि जिभाग) की अजधसूचना स.ं सा. का. जन. 298 (अ), दिनांक 16 अप्रलै , 2022 के अजतक्रमण म,ें ऐसे अजधक्रमण स े पहले की गयी या छोड़ी गयी िस्ट्तओंु के जसिाए, केंर सरकार एतिद्वारा एक िर्ि की अिजध के जलए सलाहकार बोडि का गठन करती ह,ै जिसम े जनम्नजलजखत िाजमल होंगे:- (i) माननीय श्री न्द्यायमूर्त ि संिीि सचिेिा, अध्यक्ष (ii) माननीय श्री न्द्यायमूर्त ि सुब्रामोजन यम प्रसाि, सिस्ट्य (iii) माननीय श्री न्द्यायमूर्त ि िसमीत ससंह, सिस्ट्य 2. यह अजधसूचना 23 माच,ि 2023 स े प्रभािी होगी। [स.ं पीडी-13004/01/2019-कोफेपोसा] नरेि कुमार, उप सजचि पाि टिप्पणी: दिनांक 16 अप्रैल, 2022 की अजधसूचना, सा. का. जन. सं. 298 (अ) को भारत के रािपत्र (अ) भाग-II, खंड 3, उप खंड (i) म ें 16 अप्रैल, 2022 को प्रकाजित दकया गया था। 1265 GI/2023 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)] MINISTRY OF FINANCE (Department of Revenue) (CENTRAL ECONOMIC INTELLIGENCE BUREAU) NOTIFICATION New Delhi, the 27th February, 2023 G.S.R. 136(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 Notification of the Government of India, in the Ministry of Finance (Department of Revenue) G.S.R. No. 298 (E) dated 16th April, 2022 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 Sanjeev Sachdeva, Chairperson (ii) Hon’ble Mr. Justice Subramonium Prasad, Member (iii) Hon’ble Mr. Justice Jasmeet Singh, Member 2. This notification shall come into force with effect from 23rd March, 2023. [No. PD-13004/01/2019-COFEPOSA] NARESH KUMAR, Dy. Secy. Footnote: The Notification G.S.R. No. 298 (E) dated 16th April, 2022 was published in the Gazette of India (Extraordinary) Part II, Section 3, Sub Section (i) on the 16th April 2022. 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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