https://www.taxtmi.com/caselaws?id=755646 Seized movable property under the Prevention of Money-Laundering Act, 2002 may be retained after confirmation by the Adjudicating Authority, and possession is then to be taken under the prescribed rules. Rule 4(2) of the 2013 Rules allows sale of movable property that is liable to speedy decay or where upkeep is likely to exceed its value, with the sale proceeds to be kept in an interest-bearing fixed deposit. Section 8(6) does not bar this mechanism, because it governs final release after trial rather than interim statutory sale. If the owner does not furnish a fixed deposit receipt for equivalent value under the proviso, sale may proceed with competent approval. en-us Fri, 12 Jul 2024 00:00:00 +0530 Wed, 17 Jul 2024 08:05:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755646 Seized movable property under the Prevention of Money-Laundering Act, 2002 may be retained after confirmation by the Adjudicating Authority, and possession is then to be taken under the prescribed rules. Rule 4(2) of the 2013 Rules allows sale of movable property that is liable to speedy decay or where upkeep is likely to exceed its value, with the sale proceeds to be kept in an interest-bearing fixed deposit. Section 8(6) does not bar this mechanism, because it governs final release after trial rather than interim statutory sale. If the owner does not furnish a fixed deposit receipt for equivalent value under the proviso, sale may proceed with competent approval. Case-Laws Money Laundering Fri, 12 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755646