Primary law, Tamil Nadu land law
The Economic Offences (In Applicability of Limitation) Act, 1974
Parliament enacted the Economic Offences (In Applicability of Limitation) Act, 1974, Act No. 12 of 1974, on 27 March 1974, to exclude specified economic offences from the limitation provisions in Chapter XXXVI of the Code of Criminal Procedure, 1973. It commenced on 1 April 1974 and was later amended to add wording and enactments or provisions to its coverage.
What the Act does
The Economic Offences (In Applicability of Limitation) Act, 1974 allows a court with jurisdiction to take cognizance of specified economic offences as if Chapter XXXVI of the Code of Criminal Procedure, 1973 had not been enacted. It applies in the territories where the Code of Criminal Procedure, 1973 applies.
The exclusion covers:
- An offence punishable under an enactment, or a specified provision of an enactment, listed in the Schedule.
- Any other offence that may be tried with a listed offence under the Code of Criminal Procedure, 1973.
The Act does not describe the ingredients or punishments of the listed offences. Those matters remain governed by the enactments under which the offences are punishable.
Enactments covered
The Schedule to the Economic Offences (In Applicability of Limitation) Act, 1974 includes enactments dealing with taxation, companies, customs, excise, foreign exchange, imports and exports, insurance, industry regulation and stamp duties. Listed laws include:
- The Income Tax Act, 1961, the Wealth-Tax Act, 1957 and the Gift-Tax Act, 1958.
- The Central Sales Tax Act, 1956 and the Companies (Profits) Surtax Act, 1964.
- The Customs Act, 1962 and the Central Excises and Salt Act, 1944.
- The Foreign Exchange Regulation Acts of 1947 and 1973.
- The Indian Stamp Act, 1899.
- Clause (a) of section 63 of the Copyright Act, 1957.
- Chapter V of the Finance Act, 1994.
- The Industries (Development and Regulation) Act, 1951.
The Schedule also contains several other named enactments, including earlier tax, gold control, capital issues and emergency risks insurance laws.
Relevance to property matters
The Economic Offences (In Applicability of Limitation) Act, 1974 may matter to a property buyer, owner or professional where alleged conduct is punishable under the Indian Stamp Act, 1899, because that enactment appears in the Schedule. The Act does not create a property registration procedure, set stamp duty, determine ownership or alter land records. Its stated function is limited to making Chapter XXXVI of the Code of Criminal Procedure, 1973 inapplicable to covered offences and offences tried with them.
Amendments shown in the text
The supplied text records later insertions made between 1974 and 1994. These insertions added wording about specified provisions and added entries to the Schedule.
This summary is generated from the source document to help you find what is relevant. The PDF above is authoritative. For advice on your own property, use LandLens One or speak to a qualified professional.
Common questions
Does this Act set stamp duty rates for property documents?
No. The Economic Offences (In Applicability of Limitation) Act, 1974 lists the Indian Stamp Act, 1899, but it does not state any stamp duty rate or fee.
Can the limitation provisions in Chapter XXXVI apply to an offence under a listed enactment?
No. Chapter XXXVI of the Code of Criminal Procedure, 1973 does not apply to an offence punishable under an enactment, or specified provision, included in the Schedule.
Does the exclusion also cover another offence tried with a listed economic offence?
Yes. It covers another offence that may be tried along with a listed offence under the Code of Criminal Procedure, 1973.
When did the Economic Offences (In Applicability of Limitation) Act, 1974 commence?
It commenced on 1 April 1974.
