Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act : Short title, extent and

Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act,1976

Act No : 13

Section : Short title, extent and commencement.

THE SMUGGLERS AND FOREIGN EXCHANGE MANIPULATORS (FORFEITURE OFPROPERTY ACT 1976), ACT NO. 13 OF 1976 [25th January, 1976.] An Act to provide for the forfeiture of illegally acquired properties of smugglers and foreign exchange manipulators and for matters connected therewith or incidental thereto. WHEREAS for the effective prevention of smuggling activities and foreign exchange manipulations which are having a deleterious effect on the national economy it is necessary to deprive persons engaged in such activities and manipulations of their ill-gotten gains; AND WHEREAS such persons have been augmenting such gains by violations of wealth-tax, income-tax or other laws or by other means and have thereby been increasing their resources for operating in a clandestine manner; AND WHEREAS such persons have in many cases been holding the pro- perties acquired by them through such gains in the names of their relatives, associates and confidants ; BE it enacted by Parliament in the Twenty-sixth Year of the Republic of India as follows:- 1. Short title, extent and commencement. (1) This Act may be called the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976. (2) It extends to the whole of India except the State of Jammu and Kashmir. (3) It shall be deemed to have come into force on the 5th day of November, 1975.