The Forward Contracts (Regulation)Act, 1952
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The Forward Contracts (Regulation)Act, 1952
THE FORWARD CONTRACTS (REGULATION)ACT, 1952 ACT NO. 74 OF 1952. 1* AN ACT TO PROVIDE FOR THE REGULATION OF CERTAIN MATTE
RS RELATINGTO FORW[26th December, 1952.]BE it enacted by Parliament as follows:-CHAPPRELIMINARY.CHAPTER IPRELIMINARY1.Short title, extent and commencement.1.Short title, extent and commencement. (1) This Act may be called the Forward Contracts (Regulation Act, 1952.(2) It extends to the whole of India 2*(3) Chapter I shall come into force at once, and the remaining provisions shall come into force on such date',' or dates as the Central Government may, by notification in the Official Gazette, appoint, and different dates may be appointed for different provisions of this Act, for different States or areas, and for different goods or classes of goods.2.Definitions.2.Definitions. In this Act, unless the context otherwise requires,-(a) "association" means any body of individuals, whether incorporated or not, constituted for the purpose of[See footnote 1 for this section]regulating and controlling the business of the sale or purchase of any goods ;(b) "Commission " means the Forward Markets Commission established under section 3 ;(e) "forward contract " means a contract for the delivery of goods '* * * and which is not a ready delivery contract;(d) "goods " means every kind of movable property other than actionable claims, money and securities;(e) "Government security " means a Government security as defined in the Public Debt Act, 1944; (18 of 1944.)(f) "non-transferable specific delivery contract " means a specific delivery contract, the rights or liabilities under which or under any delivery order, railway receipt,bill of lading, warehouse receipt or any other document of title relating thereto are not transferable ;(g) " option in goods " means an agreement, by whatever name called, for the purchase or sale of a right to buy or sell, or a right to buy and sell, goods in future, and includes a teji, a mandi, a teji-mandi, a galli, a put, a call or a put and call in goods ;(h) "prescribed " means prescribed by rules made under this Act ;(i) "ready delivery contract " means a contract which provides for the delivery of goods and the payment of a price therefor, either immediately or within such period not exceeding eleven days after the date of the contract and subject to such conditions as the Central Government may, by notification in the Official Gazette, specify in respect of any goods, the period under such contract not being capable of extension by the mutual consent of the parties thereto or otherwise:2 [Provided that where any such contract is performed either wholly or in part,-(1) by tendering of the documents of title to the goods covered by the contract by any party thereto (not being[See footnote 2 for this section]a commission agent or a bank) who, has acquired ownership of the said documents by purchase, exchange or otherwise, to any other person (including a commission agent but not including a bank); or (2) by the realisation of any sum of money, being the difference between the contract rate and the settlement rate or clearing rate or the rate of any offsetting contract ; or (3) by any other means whatsoever, and as...See the full content of this document
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