The Foreign Exchange Regulation Act, 1973 (FERA), was replaced by the Foreign Exchange Management Act, 1999 (FEMA). In 2002, the first respondent, an Enforcement Officer, filed a complaint against the ... appellants for offenses under FERA and Section 120B of the IPC. The appellants argued that the officer lacked authority post-FERA's repeal, but Section 49(4) of FEMA permitted continued action for FERA offenses during the sunset period.