Section 29A - Repeal and savings. - Forward Contracts (Regulation) Act, 1952

1 [Repeal and savings. 29A. (1) The Forward Contracts (Regulation) Act, 1952 (74 of 1952) is hereby repealed. (2) On and from the date of repeal of Forward Contracts Act- (a) the rules and regulations framed by the Central Government and the Commission under the Forward Contracts Act, shall stand repealed; (b) all authorities and entities established by the Central Government under the Forward Contracts Act, including the Commission and the Advisory Council established under section 25 of that Act, shall stand dissolved; (c) anything done or any action taken or purported to have been done or taken including any inspection, order, penalty, proceeding or notice made, initiated or issued or any confirmation or declaration made or any licence, permission, authorisation or exemption granted, modified or revoked, or any document or instrument executed, or any direction given under the Act repealed in sub-section (1), shall be continued or enforced by the Security Board, as if that Act had not been repealed; (d) all offences committed, and existing proceedings with respect to offences which may have been committed under the Forward Contracts Act, shall continue to be governed by the provisions of that Act, as if that Act had not been repealed; (e) a fresh proceeding related to an offence under the Forward Contracts Act, may be initiated by the Security Board under that Act within a period of three years from the date on which that Act is repealed and be proceeded with as if that Act had not been repealed; (f) no court shall take cognizance of any offence under the Forward Contracts Act from the date on which that Act is repealed, except as provided in clauses (d) and (e); (g) clauses (d), (e) and (f) shall not be held to or affect the general application of section 6 of the General Clauses Act, 1897 (10 of 1897) with regard to the effect of repeal to matters not covered under these sub-sections. ] ******* 1. Inserted vide FINANCE ACT, 2015 w.e.f. 28-9-2015