Section 28(7) in The Foreign Exchange Regulation Act, 1973
(7)Where any direction made under sub-section (6) has not been complied with by any person or company (including its branch) then, without prejudice to any action that may be taken under this Act, the acting [* * *] [ The words " appointment or permission, as the case may be" omitted by Act 29 of 1993, Section 15 (w.e.f. 8.1.1993).] shall be void with effect from the expiry of the period specified in the direction.Explanation .-For the purpose of this section,-(a)"agent" includes any person or company (including its branch) who or which buys any goods with a view to sell such goods before any processing thereof;(b)"company" means any body corporate and includes a firm or other association of individuals;(c)"processing" means any art or process for producing, preparing or making an article by subjecting any material to a manual, mechanical, chemical, electrical or any other like operations but does not include any process incidental or ancillary to the completion of a manufactured product such as dividing, pressing, compressing, packing, re-packing, labelling, re-labelling, branding or the adoption of any such treatment as is necessary to render such product marketable to the consumer.[* * *] [ Clause (d) omitted by Act 29 of 1993, Section 15 (w.e.f. 8.1.1993).]
