Foreign Trade (Regulation) Rules, 1993 — Suspension of a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits

Official text

(1) The Director General or the licensing authority may by order in writing suspend the operation of a licence, certificate, scrip or any instrument bestowing financial or fiscal benefits granted to—

(a) any person, if an order of detention or conviction has been made against such person under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974, the Prevention of Money Laundering Act, 2002 or the Foreign Exchange Management Act, 1999; or

(b) a partnership firm (including a limited liability partnership), a company, a firm or any other entity, if the person referred to in clause (a) is a partner, whole-time Director, Managing Director or proprietor of it:

Provided that the order of suspension shall cease to have effect when the order of detention made against such person—

(i) being an order to which section 9 of the COFEPOSA Act does not apply, has been revoked on the report of the Advisory Board under section 8 of that Act, or before receipt of that report, or before making a reference to the Advisory Board; or

(ii) being an order to which section 9 of the COFEPOSA Act applies, has been revoked on the report of the Advisory Board under section 8 read with section 9(2) of that Act, or before receipt of such report; or

(iii) has been set aside by a court of competent jurisdiction.

(2) The Director General or the licensing authority may by an order in writing suspend the operation of any such instrument granted under these rules where proceedings for its cancellation have been initiated under rule 10.