Clause 223 - Amendment of Act 13 of 1976 - Finance Bill, 2016

PART IV A MENDMENT TO THE S MUGGLERS AND F OREIGN E XCHANGE M ANIPULATORS ( F ORFEITURE OF P ROPERTY) A CT, 1976 Amendment of Act 13 of 1976 223. In the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 with effect from the 1st day of June, 2016, (a) section 2A shall be omitted; (b) in section 3, in sub-section (1), in clause (a), the words for Forfeited Property shall be omitted; (c) in section 12, (i) in sub-section (1), (A) the words to be called the Appellate Tribunal for Forfeited Property shall be omitted; (B) for the words hearing appeals against the orders made under section 7, sub-section (1) of section 9 or section 10 , the following shall be substituted, namely: hearing appeals against the orders made (a) under section 7, sub-section (1) of section 9 or section 10; (b) under section 68F, section 68-I, sub-section (1) of section 68K or section 68L of the Narcotic Drugs and Psychotropic Substances Act, 1985 (61 of 1985); (c) by the Adjudicating Authority or any other authority under the Prevention of Moneylaundering Act, 2002 (15 of 2003). ; (ii) in sub-section (2), the words or is qualified to be shall be omitted; (iii) in sub-section (6A), for the words Bench of two members , the words Bench with one or two members shall be substituted; (iv) after sub-section (6A), the following sub-sections shall be inserted, namely: (6B) In the event of the occurrence of any vacancy in the office of the Chairman by reason of his death, resignation or otherwise, the senior-most member, shall act as the Chairman until the date on which a new Chairman, appointed in accordance with the provisions of this Act to fill such vacancy, enters upon his office. (6C) When the Chairman is unable to discharge his functions owing to absence, illness or any other cause, the senior-most member shall discharge the functions of the Chairman until the date on which the Chairman resumes his duties. .