(1) Where the competent authority makes a declaration that any property stands forfeited to the Central Government under section 7 and it is a case where the source of only a part, being less than one-half, of the income, earnings or assets with which such property was acquired has not been proved to the satisfaction of the competent authority, it shall make an order giving an option to the person affected to pay, in lieu of forfeiture, a fine equal to one and one-fifth times the value of such part.
Fine in lieu of forfeiture.
Explanation.—For the purposes of this sub-section, the value of any part of income, earnings or assets, with which any property has been acquired, shall be,—
(a) in the case of any part of income or earning, the amount of such part of income or warnings:
(b) in. the case »f any part of assets, the proportionate part of th* full value of tk« oorisideisfttoon for the aoquisjtion of such assets.
(2) Before making an order imposing a fine under sub-section (1), the person affected shall be given a reasonable opportunity to be heard.
(3) Where the person affected pays the fine due under sub-section (1), within such time as may be allowed in that behalf, the competent authority may, by order, revoke the declaration of forfeiture under section 7 and thereupon such property shall stand released to the person affected.
10. In the case of any person referred to in clause (vi) of Explanation 3 to sub-section (2) of section 2, if the competent authority, on the basis of the Information and materials available to it, has reason to believe (the reasons for such belief to be recorded in writing) that any property held in trust is illegally acquired property, it may serve a notice upon the author of the trust or, as the case may be, the contributor of the Procedure in relation to certain trust properties SEC. 1] THE GAZETTE OF INDIA EXTRAORDINARY ^713 assets out of or by means of which such property was acquired by the trust, and the trustees, calling upon them within such time as may be specified in the notice which shall not ordinarily be less than thirty days, to explain the source of the money or other assets out of which such property was acquired or, as the case may be, the source of the money or other assets which were contributed to the trust for acquiring such property and thereupon such notice shall be deemed to be a notice served under section 6 and all the other provisions of this Ordinance shall apply accordingly.
Explanation.—For the purposes of this section "illegally acquired property", in relation to any property held in trust, includes—•
(i) any property which if it had continued to be held by the author of the trust or the contributor of such property to the trust would have been illegally acquired property;
(ii) any property acquired by the trust out of any contributions made by any person which would have been illegally acquired property had such person acquired such property out of such contributions.
11. Where after the issue of a notice under section 6 or under section Certain transfers to b e null and void.
10, any property referred to in the said notice is transferred by any means whatsoever and such property is subsequently forfeited to the Central Government under section 7, then, the transfer of such property shall be deemed to be null and void.