Cognizance taken under repealed law is valid if it is provided by provision of ‘Repeal and Savings’ under the new Law

First Global Stockbroking Pvt. Ltd. & Ors. Vs Anil Rishiraj & Anr (Supreme Court of India) Conclusion: In present facts of the case, the Hon’ble Supreme Court observed that the Enforcement Officer appointed under Section 3 of FERA, 1973 was authorized to file complaint under provisions of FERA even after getting repealed by the virtue of S. 49 of FEMA under the heading ‘Repeal and Savings’. Facts: The Foreign Exchange Management Act, 1999 was brought into force with effect from 1st June 2000. By virtue of S. 49(1) of FEMA, the FERA, 1973 stood repealed. On 11th February 2002, the...