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Sarvesh Chandra to head forex appellate tribunal

Our Bureau

NEW DELHI, Aug. 13

THE Government has appointed Mr. Sarvesh Chandra, former Chairman of the Foreign Exchange Regulation Act (FERA) Board, as the Chairperson of the Foreign Exchange Appellate Tribunal, established under the Foreign Exchange Management Act, 1999.

Under the FEMA, any person who has been or is qualified to be a judge of a High Court is eligible for appointment as Chairperson of the Appellate Tribunal.

Mr. Sarvesh Chandra, who was enrolled as an advocate in 1962, joined the Indian Legal Service in 1972. He had been a member of other tribunals of the Central Government prior to his appointment as Chairperson, FERA Board in 1993.

The appointment -- under a special dispensation -- will, however, be on an ad hoc basis for a period of six months beginning June 1, 2000 or until regular a appointment is made, whichever event occurs earlier. Mr. Sarvesh Chandra retired on J uly 31, 2000.

The FEMA has a sunset provision under which the Enforcement Directorate would continue to initiate proceedings against the FERA violations for another two years. Appeals against such orders would now be filed with the new Tribunal to which all pending ap peals also stand transferred.