Page 90 - DMGT547_INTERNATIONAL_MARKETING

Unit 4: International Legal Environment

Notwithstanding such repeal (a) anything done or any action taken or purported to have been Notes
done or taken including any rule, notification, inspection, order or notice made or issued or any
appointment, confirmation or declaration made or any licence, permission, authorisation or
exemption granted or any document or instrument executed or any direction given under the
Act hereby repealed shall, in so far as it is not inconsistent with the provisions of this Act, be
deemed to have been done or taken under the corresponding provisions of this Act (b) any
appeal preferred to the Appellate Board under section 52(2) of the repealed Act but not disposed
of before the commencement of this Act shall stand transferred to and shall be disposed of by the
Appellate Tribunal constituted under this Act (c) every appeal from any decision or order of the
Appellate Board under section 52(3) or 52(4) of the repealed Act shall, if not filed before the
commencement of this Act, be filed before the High Court within a period of sixty days of such
commencement provided that the High Court may entertain such appeal after the expiry of the
said period of sixty days if it is satisfied that the appellant was prevented by sufficient cause
from filing the appeal within the said period.

Self Assessment

Fill in the blanks:

10. The usual mode of accepting a ....................... is for the drawee to write, “accepted”, across
the face of the bill and then to sign his or its name underneath.
11. The Foreign Exchange Regulation Act, ....................... , was originally enacted as a temporary
measure; Act 39 of 1957 placed it permanently on the Statute Book.
12. A ....................... cheque is a bill of exchange drawn by the issuing bank upon itself, accepted
by the act of issuance, and the right to countermand applied to ordinary cheques does not
exist as to it. It has the characteristics of a cashier’s cheque of the issuing bank.
13. Under ....................... of the Negotiable Instruments Act, 1881, a “bill of exchange” is an
instrument in writing containing an unconditional order, signed by the maker, directing
a certain person to pay a certain sum of money only to, or to the order of, a certain person
or to the bearer of the instrument.

Case Study Fema Allows Dealers to Make Remittances for
Genuine Deals

EMA, the improved version of FERA, which has come into effect from June, does
not do away with exchange controls as such. Nonetheless, it puts an end to the
Farchaic system of sending businessmen and managers to jail for civil offences.
The substitute of financial penalties is better even though the quantum of penalty does not
reflect the low national cost of generating foreign exchange. Welcoming the new Act, Fieo
Chief, Navratan Samdria, has said that the new Act recognises the export contract. There
are no artificial limits in the law for agency commission or buyer claims. The actual
incidence of these is left to market forces. Agency commission in the case of rupee trade is,
however, not allowed.
The invoice value is no longer sacrosanct; it is a mere reflection of the consignment at the
time of drawing up the bill. The actual value of goods is a function of time and place, the
actual sale proceeds depend upon the market situation. However, the new thinking should
Contd...

LOVELY PROFESSIONAL UNIVERSITY 85