Section 4
Prohibition of holding illegally acquired property.
The Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976
About this Act
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.
(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.
(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.