law: Foreign Exchange Management Act, 1999 
  49. Repeal and saving 
  (1) The Foreign Exchange Regulation Act, 1973 (46 of 1973) is
  
  hereby repealed and the Appellate Board constituted under sub-section (1) of
  
  section 52 of the said Act (hereinafter referred to as the repealed Act) 
  
  shall stand dissolved.
  (2) On the dissolution of the said Appellate Board, the person
  
  appointed as Chairman of the Appellate Board and every other person appointed
  
  as Member and holding office as such immediately before such date shall vacate
  
  their respective offices and no such Chairman or other person shall be entitled
  
  to claim any compensation for the premature termination of the term of his
  
  office or of any contract of service.
  (3) Notwithstanding anything contained in any other law for the
  
  time being in force, no court shall take cognizance of an offence under the
  
  repealed Act and no adjudicating officer shall take notice of any contravention
  
  under section 5 1 of the repealed Act after the expiry of a period of two years
  
  from the date of the commencement of this Act.
  (4) Subject to the provisions of sub-section (3) all offences
  
  committed under the repealed Act shall continue to be governed by the
  
  provisions of the repealed Act as if that Act had not been repealed.
  (5) Notwithstanding such repeal,- 
  1. anything done or
  
  any action taken or purported to have been done or taken including any rule,
  
  notification, inspection, order or notice made or issued or any appointment,
  
  confirmation or declaration made or any license, permission, authorization 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  under the Act hereby repealed shall, in so far as it is not inconsistent with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;
  2. any appeal
  
  preferred to the Appellate Board under sub-section (2) of section 52 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  repealed Act but not disposed of before the commencement of this Act shall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;
  3. every appeal from
  
  any decision or order of the Appellate Board under sub-section (3) or
  
  sub-section (4) of section 52 of the repealed Act shall, if not filed before the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.
  (6) Save as otherwise provided in sub-section (3), the mention
  
  of particular matters in sub-sections (2), (4) and
  (5) shall not be held to prejudice or affect the general application
  
  of section 6 of the General Clauses Act, 1897 (10 of 1897) with regard to the
  
  effect of repeal.