Calcutta HC rules appeals under repealed FERA retain penal character and may be heard as criminal appeals despite FEMA's enactment.
The Calcutta High Court has held that appeals arising from penalty proceedings under the Foreign Exchange Regulation Act, 1973 (FERA), even if filed after the enactment of the Foreign Exchange Management Act, 1999 (FEMA), retain their penal character and must be treated as criminal appeals.
The court reasoned that FERA's punitive nature—particularly in adjudication and penalty imposition—does not cease merely because the newer, civil framework under FEMA has replaced it. Thus, appellate rights under criminal procedure remain intact for such matters. The ruling preserves jurisdictional pathways for affected parties despite legislative transition.
Legal practitioners should note that FERA-based proceedings, though now obsolete, continue to generate enforceable liability and require criminal law expertise in appeal handling. This decision may influence similar cases pending before tribunals and courts where transitional legal regimes intersect.
