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of <h1>Government Can Ban Forward Contracts on Specified Goods via Gazette Notification; Section 16 Provisions Apply to Existing Contracts</h1> The Central Government has the authority to prohibit forward contracts for the sale or purchase of specified goods by issuing a notification in the Official Gazette. Such contracts are illegal if made without government permission after the notification's publication. If a notification is issued, the provisions of section 16 apply to all forward contracts for specified goods that were entered into before the notification date and are yet to be performed, unless stated otherwise in the notification.
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