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Section 8 – The Prevention of Money-Laundering Bill, 1999

The Prevention of Money-Laundering Bill, 1999

 

8. Vesting of property in Central Government –

 

Where an order of confiscation has been made under sub-section (6) of section 7 in respect of any property of a person, all the rights and title in such property shall vest absolutely in the Central Government free from all encumbrances:

 

Provided that where the Adjudicating Authority, after giving an opportunity of being heard to any other person interested in the property attached under this Chapter or seized under Chapter V, is of the opinion that any encumbrance on the property or leasehold interest has been created with a view to defeat the provisions of this Chapter, it may, by order, declare such encumbrance or leasehold interest to be void and thereupon the aforesaid property shall vest in the Central Government free from such encumbrances or leasehold interest:

 

Provided further that nothing in this section shall operate to discharge any person from any liability in respect of such encumbrances which may be enforced against such person by a suit for damages.

 

 

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The Prevention of Money-Laundering Bill, 1999

 

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