" (2) Save as otherwise provided in this Act, a person may,—
(a)(i) acquire or agree to acquit c1 the cwnership, possession, custody or control of, or
(n) buy, accept or otherwise receive or agree to buy, accept or otherwise receive, any ornament, unless he knows or has reason to believe that such ornament, being required to be included in a declaration, has not been so included;
(b) sell, deliver, transfer or otherwise dispose of, or agree to sell, deliver, transfer or otherwise dispose of, any ornament, but shall not do so if the ornament, being required to hu included in a declaration has not been so included.".
4. In section 17 of the principal Act,—
(i) in sub-section (2), for clause (d), the following clause shall be, and shall be deemed always to have been, substituted, namely: — " (d) shall be subject to such conditions and restrictions as may be prescribed.";
(it) for sub-section (6), the following sub-section shall be, and shall be deemed always to have been, substituted, namely:— " (6) (a) No application for the issue of a licence to commence or carry on business as a refiner shall be granted unless the Administrator, after making such inquiry as he may think fit, is satisfied with regard to the following matters, namely: —
(i) the security of the premises where the applicant Intends to carry on business as a refiner, the suitability of such premises for being used as a refinery, and the existence therein of arrangements for the storage of gold before and after refining;
(ii) the existence, in such premises, of equipment for the manufacture and assay of standard gold bars and the quality and adequacy of such equipment;
{iii) the existence, in such premises, of facilities for the exercise of supervision and control by the Administrator or any other person authorised by him in this beEalf;
(iv) the competence of the applicant to manufacture standard gold bars; and
(u) such other matters as may be prescribed.
(b) No application for the renewal of a licence to carry on business as a refiner shall be rejected unless—
(1) the holder of such ]icence has been given a reasonable opportunity of presenting his case, and Amendment of section 8.
Amendment of icction 17.
SEC. 1] THE GAZETTE OP INDIA EXTRAORDINAHY 707
(2) .1: * Administrator is satisfied that—
(i) the application for such renewal has been made aftei the expiry of tlxj period specified therefor, or (i?) the refinery does not continue to satisfy the matters specified in sub-cUasos (i), (ii); (in) or (v) of clause (a), or
(in) any statement made by the applicant at the time of the issue or renewal of the licence was incorrect or false in material particulars, or
(iv) the applicant has contravened any term or condition of the licence or any provision of this Act or any rule or order made thereunder, or of any other law for the time being in force in so far as such law prohibits or restricts the bringing into or taking out of India of any goods (including coins, currency, whether Indian or foreign, and foreign exchange) or the dealing :n such goods by way of acquisition or otherwise.
(c) Notwithstanding anything contained in clause (a) or clause (b), a licence to commence or carry on business as a refiner shall not be issued or renewed if the Administrator, after giving the applicant a reasonable opoortunity of presenting his case, is satisfied that the entire volume of the refining business done, or proposed to be done, by the applicant may be conveniently done at a refinery established or run by Government or by a corporation owned or controlled by Government.".
5. In section 26 o{ the principal Act, in clause (c), after the words "to a licensed dealer", the words "or to such other person or authority a? may be specified by rule made in this behalf" shall be inserted.
6. In section 27 of the principal Act,—
(i) in sub-section (2), for clause (d), the following clause Bhall be, and shall be deemed always to have been, substituted, namely: — "(o1) shall be subject to such conditions and restrictions as may be prescribed.";
(ii) for sub-section (d), the following sub-section shall be, and shall be deemed always to have been, substituted, namely: — "(6)(a) No application for the issue of a licence to commence or carry on business as a dealer shall be granted unless the Administrator, having regard to such matters as may be prescribed in this behalf and after making such inquiry es he may think fit, is satisfied that the licence should be issued.
(b) No application for the renewal of a licence to carry on business as a dealer shall be rejected unless—
(i) the holder of such licence has teen given a reasonable opportunity of presenting his case, and Amendment of Section
26.
Amendment of sretion 27.
2o8 THE GAZETTE OF INDIA EXTRAORDINARY TPART II Amendment of section 31.
SubsfiiUiion of new section for section 32.
Possession of primai y gold by a licensed dealer.
(ii) the Administrator, having regard to such matters as may be prescribed in this behalf, is satisfied that the applicant does not qualify for the renewal of his licence.
(Hi) after sub-section (6), the following sub-section shall be Inserted, namely: — "(6A) Where the Central Government, having regard to the quantity of gold produced in India and the supply therein of gold through lawful channels, is of opinion that it is necessary or expedient in the interests of the general public so to do, it may authorise the Administrator to restrict or reduce the number of licensed dealers to such extent and in such manner as may bo specified by rules made in this behalf:
Provided that no such rules shall come into force until the expiry of the period referred to in sub-section (3) of section 114 and ii, before the expiry of the said period, both Houses of Parliament agree in making any modification in the rule or both the Houses agree that the rule should not be made, the rule shall come Into force only in such modified form or be of no effect as the case may be.".