(2)On payment by the person, the sum of money or the value or both, as the case may be [in accordance with the provisions of sub-section (1) or section 47-A] [Inserted by Act No.10 of 1989.], such person, if in custody shall be set at liberty, and all the property seized may be released and no proceedings shall be instituted [or continued] [Inserted by Act No.10 of 1989.] against such person in any Criminal Court. The acceptance of compensation shall be deemed to amount to an acquittal and in no case any further proceedings be taken against such person or property with reference to same Act.
