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Bare acts > Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 > Preamble
 
  


 

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

Whereas for the effective prevention of smuggling activities and foreign exchange manipulations, which are, having a deleterious effect on the national economy it is necessary to deprive persons engaged in such activities and manipulations of their ill-gotten gains;

And whereas such persons have been augmenting such gains by violations of wealth-tax, income tax, or other laws or by other means and have thereby been increasing their resources for operating in clandestine manner;

And whereas such persons have in many cases been holding the properties acquired by them through such gains in the name of their relatives, associates and confidants;

Be it enacted by Parliament in the Twenty-sixth Year of the Republic of India as follows:


 

 

 

 

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