Confiscation of property under benami law: procedures for notice, public proclamation, custody, sale, and bank transfer. Where an order of confiscation under section 27 is received the Authorised Officer must, for immovable property, notify the registration authority, post a bilingual conspicuous notice that the property vests absolutely in the Central Government and make a public proclamation; for movable property, notify the custodian or, with leave, sell perishable items and deposit proceeds in government or nationalised bank accounts, accept fixed deposit receipts as security equivalent to property value, secure valuables in bank lockers or fixed deposits in the Administrator's name, transfer securities and direct banks to credit the Administrator's account.
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Confiscation of property under benami law: procedures for notice, public proclamation, custody, sale, and bank transfer.
Where an order of confiscation under section 27 is received the Authorised Officer must, for immovable property, notify the registration authority, post a bilingual conspicuous notice that the property vests absolutely in the Central Government and make a public proclamation; for movable property, notify the custodian or, with leave, sell perishable items and deposit proceeds in government or nationalised bank accounts, accept fixed deposit receipts as security equivalent to property value, secure valuables in bank lockers or fixed deposits in the Administrator's name, transfer securities and direct banks to credit the Administrator's account.
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