Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act : Prohibition of holding

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

Act No : 13

Section : Prohibition of holding illegally acquired property.

4.Prohibition of holding illegally acquired property. (1) As from the commencement of this Act, it shall not be lawful for any person to whom this Act applies to hold any illegally acquired property either by himself or through any other person on his behalf. (2) Where any person holds any illegally acquired property in contravention of the provisions of sub-section (1), such property shall be liable to be forfeited to the Central Government in accordance with the provisions of this Act.