(1) Where the property confiscated is of such a nature that its removal from the place of attachment is impracticable or its removal involves expenditure out of proportion to the value of the property, the Administrator shall arrange for the proper maintenance and custody of the property at the place of attachment.
1, Vide G.S.R. 443 (E), dated 1st July, 2005, published in the Gazette of India. Extra., Pt. [I, See. 3(i), dated 1st July, 2005.
2. Came into force on 1-7-2005.
71 72 [Rule 4The Prevention of Money-laundering (Receipt and Management of Cohtisceted Properties) Rules, 2005
(2) If the property confiscated consists of cash, Government or other securities, bullion, jewellery or other valuables, the Administrator shall cause to deposit them for safe custody in the nearest Government Treasury or a branch of the Reserve Bank of India or State Bank of India or its subsidiaries or of any authorised bank.
(3) The Administrator shall maintain a register containing the details in Form I for recording entries in respect of moveable property, such as cash, Govemment or other securities, bullion, jewellery or other valuables.
(4) The Administrator shall obtain a receipt from the Treasury or the bank, as the case may be, against the deposit of moveable properties stated in subrule (3) of this rule.
(5) The Administrator shall maintain a register containing the details in Form II for recording entries in respect of property other than the properties referred to in sub-rule (3) of this rule.