TMI BlogRetention of property.X X X X Extracts X X X X X X X X Extracts X X X X ..... s possession, reason to believe (the reason for such belief to be recorded by him in writing) that such property is required to be retained for the purposes of adjudication under section 8, such property may, if seized, be retained or if frozen, may continue to remain frozen, for a period not exceeding one hundred and eighty days from the day on which such property was seized or frozen, as the cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the said period. (4) The Adjudicating Authority, before authorising the retention or continuation of freezing of such property beyond the period specified in sub-section (1), shall satisfy himself that the property is prima facie involved in money-laundering and the property is required for the purposes of adjudication under section 8. (5) After passing the order of confiscation under su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Notes: 1. Substituted Vide Prevention of Money-laundering (Amendment) Act, 2012, w.e.f. 15-2-2013. Before it was read as: 20. Retention of property.-(1) Where any property has been seized under section 17 or section 18, and the officer authorised by the Director in this behalf has, on the basis of material in his possession, reason to believe (the reason for such belief to be reco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall be returned to the person from whom such property was seized unless the Adjudicating Authority permits retention of such property beyond the said period. (4) The Adjudicating Authority, before authorising the retention of such property beyond the period specified in sub-section (1), shall satisfy himself that the property is prima facie involved in money-laundering and the property is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was read as: the Court or the Adjudicating Authority, as the case may be 3. Substituted Vide Finance Act, 2015, w.e.f. 14-5-2015. Before it was read as: Court 4. Inserted Vide Finance Act, 2015, w.e.f. 14-5-2015. - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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