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[Cites 0, Cited by 0] [Section 16(1)] [Section 16] [Entire Act]

Union of India - Subsection

Section 16(1)(b) in The Voluntary Disclosure Of Income And Wealth Act, 1976

(b)the net wealth, or the assets the value whereof is, declared under sub-section (1) of section 15 or any part of such net wealth or assets, is or are represented by gold, then, notwithstanding anything contained In the Customs Act, 1962 (52 of 1962.) or the Gold (Control) Act, such gold shall not be liable to confiscation under either of the said Acts and the person making the declaration shall not be liable to imposition of any penalty or infliction of any punishment under either of the said Acts for any act or omission in relation to such gold, if he fulfils the following conditions, namely:-
(A)in a case where the gold is owned, possessed, held or controlled by the person making the declaration (such gold being owned, possessed, held or controlled by him in his capacity as a licensed dealer), necessary entries are made by him in the accounts, registers and documents maintained under the Gold (Control) Act, under intimation to the Gold Control Officer of the rank of an Assistant Collector of Central Excise or of Customs before the 1st day of February, 1976 and such other steps as are necessary for him to comply with the requirements of that Act in relation to such gold are taken by him before that date;
(B)in any other case,-
(i)where the gold is an article or ornament or both and the weight of such article or ornament, or the aggregate weight of both, together with the weight of any other gold (being an article or ornament) owned, possessed, held or controlled by him, exceeds the limits specified in sub-section (5) of section 16 of the Gold (Control) Act, such article or ornament or both, as the case may be, is or are declared in the form prescribed under sub-section (1), and in the manner specified in subsection (8), of that section before the 1st day of February, 1976;
(ii)where the gold is primary gold, such gold is either sold to any licensed dealer under intimation to the Gold Control Officer of the rank of an Assistant Collector of Central Excise or of Customs before the 1st' day of February, 1976 or is made into ornaments and a declaration in this behalf is made in the form prescribed under subsection (1), and in the manner specified in sub-section (8), of section 16 of the Gold (Control) Act, before that date.