(1) If an officer investigating an offence committed under Chapter IV or Chapter VI, has reason to believe that any property in relation to which an investigation is being conducted, represents proceeds of terrorism, he shall, with the prior approval in writing of the Director General of the Police of the State [in which such property is situated, or where the investigation is conducted by an officer of the National Investigation Agency, with the prior approval of the Director General of National Investigation Agency, make an order] seizing such property and where it is not practicable to seize such property, make an order of attachment directing that such property shall not be transferred or otherwise dealt with except with the prior permission of the officer making such order, or of the Designated Authority before whom the property seized or attached is produced and a copy of such order shall be served on the person concerned.
(2) The investigating officer shall duly inform the Designated Authority within forty-eight hours of the seizure or attachment of such property.
(3) The Designated Authority before whom the seized or attached property is produced shall either confirm or revoke the order of seizure or attachment so issued within a period of sixty days from the date of such production:
Provided that an opportunity of making a representation by the person whose property is being seized or attached shall be given.
(4) In the case of immovable property attached by the investigating officer, it shall be deemed to have been produced before the Designated Authority, when the investigating officer notifies his report and places it at the disposal of the Designated Authority.
(5) The investigating officer may seize and detain any cash to which this Chapter applies if he has reasonable grounds for suspecting that--
(a) it is intended to be used for the purposes of terrorism; or
(b) it forms the whole or part of the resources of a terrorist organisation:
Provided that the cash seized under this sub-section by the investigating officer shall be released within a period of forty-eight hours beginning with the time when it is seized unless the matter involving the cash is before the Designated Authority and such Authority passes an order allowing its retention beyond forty-eight hours.
Explanation.--For the purposes of this sub-section, "cash" means--
(a) coins or notes in any currency;
(b) postal orders;
(c) traveller's cheques;
[(ca) credit or debit cards or cards that serve a similar purpose;]
(d) bankers drafts; and
(e) such other monetary instruments as the Central Government or, as the case may be, the State Government may specify by an order made in writing.
(6) Any person aggrieved by an order made by the Designated Authority may prefer an appeal to the court within a period of thirty days from the date of receipt of the order, and the court may either confirm the order of attachment of property or seizure so made or revoke such order and release the property