Section 40, Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 [S1Q-211]

As at 7 September 2026. In force from 12 January 1977 by S.O. 1700(E) [N11-YJ5].

In Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 [A10-R4G]. This text from 12 January 1977. No other text held.

Synthetic. The words of this section are generated by the register; the title, number and year of the Act are real.

Cite: Section 40, Smugglers and Foreign Exchange Manipulators (Forfeiture of Property) Act, 1976 [S1Q-211]. Machine: S1Q-211.

40. Prohibition of the holding of foreign exchange without licence.—No person shall undertake the holding of foreign exchange except under and in accordance with the conditions of a licence granted under section 41: Provided that nothing in this section shall apply to the holding of foreign exchange undertaken by or on behalf of the Central Government or a State Government.

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