Section 16(a) in Forward Contracts (Regulation) Act, 1952
(a)every forward contract for the sale or purchase of any goods specified in the notification, entered into on or before the date of the notification and remaining to be performed after the said date and which is not in conformity with the provisions of Section 15, shall be deemed to be closed out at such rate as the Central Government may fix in this behalf and different rates may be fixed for different classes of such contracts:
