Determination Of The Price Of The Forfeited Property Rules, 2005

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Determination Of The Price Of The Forfeited Property Rules, 2005
Total Sections 7
Enforcement Year 2005
State or Central Central
Editor Template:USERNAME
ASSN: 26011

Determination of the Price of the Forfeited Property Rules, 2005 CONTENTS 1. Short title and commencement. 2. Definitions. 3. Appointment of Authorised Officer. 4 . Factors to be taken into account while fixing price of the forfeited property. 5. Consideration of the representation. 6 . I s s u e of an Order selling the property to the Central Government. 7. Deposit of the amount by the Central Government. Determination of the Price of the Forfeited Property Rules, 2005 In exercise of the powers conferred by clause (c) of sub-sec. (2) of Sec. 52 of the Unlawful Activities (Prevention) Act, 1967 (37 of 1967), the Central Government hereby makes the following rules, namely :- 1. Short title and commencement. :- (1) These rules may be called the Determinertion of the Price of the Forfeited Property Rules, 2005. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions. :- In these rules, unless the context otherwise requires,- (a) "Act" means the Unlawful Activities (Prevention) Act, 1967 (37 of 1967); (b) "Price" means the price of the forfeited property determined by the officer authorized by the State Government in accordance with the provisions contained in Rule 4; (c) "Authorised Officer" means the officer appointed by the State Government under Rule 3 to assess the price of the forfeited property; (d) words and expressions used here but not defined but defined in the Act, shall have the same meanings as are assigned to them in the Act. 3. Appointment of Authorised Officer. :- Where the person against whom an order of forfeiture has been made (hereinafter referred to as the person), is acquitted, the property shall be returned to him or his legal nominee and if it is not possible for any reason to return the forfeited property, the State Government shall appoint an officer not below the rank of Deputy Secretary to that Government, to be known as Authorised Officer, to evaluate and fix the price of the forfeited property with a view to compensating the person in lieu of the forfeited property. 4. Factors to be taken into account while fixing price of the forfeited property. :- The Authorised Officer shall, while fixing the price of the forfeited property, take into consideration :- (i) the market value of the forfeited property; (ii) the value of such other property which is comparable to the forfeited property; (iii) the material cost or conversion cost; and (iv) such other factors which he may consider necessary in the determination of the price. 5. Consideration of the representation. :- (1) The Authorised Officer shall take into account, representation, if any, made by the person or his legal nominee before the final determination of the price with respect to the forfeited property is made. (2) The Authorised Officer shall thereafter fix the price of the forfeited property and intimate the same in writing to the person or his legal nominee. 6. Issue of an Order selling the property to the Central Government. :- The State Government shall make an order to the effect that the forfeited property stands sold to the Central Government at the price fixed under Rule 5 and send a copy of the said order to the concerned Ministry or Department of the Central Government, clearly indicating the name of the Treasury and Head of Account under which the amount so determined is to be deposited. 7. Deposit of the amount by the Central Government. :- (1) The Central Government shall on receipt of the order under Rule 6, deposit the price fixed for the forfeited property in such Treasury or under such Head of Account as may be specified therein under intimation to the person or his legal nominee. (2) The amount of price along with interest thereon, shall be paid to the person or to his legal nominee.