{"act":{"id":"finance-act-2016","short_title":"The Finance Act, 2016","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2016-2017.","act_number":null,"act_year":2016,"enact_date":"2016-06-27","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":276,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2016/"},"unit":"section","section":{"number":"226","heading":"Amendment of Act 13 of 1976","text":"PART IV Amendment to the Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 Amendment of Act 13 of 1976 226 . 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 Money-laundering 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.\".","html":"

PART IV

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

Amendment of Act 13 of 1976

226 . 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 Money-laundering 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.\".
","words":335,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2016/section/226/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}