The west bengal raw jute futures act, 1948

West Ben. 
Ord. X of 
1948. 
West Bengal Act XXV of 1948 
THE WEST BENGAL RAW JUTE FUTURES 
ACT, 1948. 
[Passed by the West Bengal Legislature.] 
[Assent of the Governor was first published in. the Calcutta, Gazette, Extraordinary, of the 8th October, 1948.] 
An Act to provide for the prevention of dealing in raw jute 
futures. 
WHEREAS it is expedient to provide for the prevention of 
dealing in raw jute futures; 
It is hereby enacted as follows :- 
1. (1) This Act may be called the West Bengal Raw Short title, Jute Futures Act, 1948. 	 extent and 
commence- 
(2) It extends to the whole of West Bengal. 	 meat.  
(3) It shall come into force on the date on which the 
West Bengal Raw Jute Futures Ordinance, 1948, ceases to operate. 
2. In this Act, unless there is anything repugnant in Definitions. 
the subject or context,— 
(I) "contract relating to raw jute futures" means a 
contract relating to the sale or purchase of a 
screwed bale of raw jute made on a forward basis— 
providing for the payment or receipt, as the case 
may be, of margin in such manner and on such 
dates as may be specified in the contract, or 
(b) by or with any person not being a person who— 
(a) 
(i)  habitually deals in the sale or purchase of raw 
jute involving the actual delivery of posses-
sion thereof, or 
(ii) possesses, or has control over, a godown and 
other means and equipments necessary for the 
storage and supply of raw jute; 
(2) "margin" means the difference between the rate 
specified in a contract relating to the sale or pur-
chase of a screwed bale of raw jute made on a 
forward basis and the rate prevailing on such date 
subsequent to the date of the contract as may be 
specified in the contract. 
3. (1) The Provincial Government may, from time to 
time, if it so thinks fit, by notification in the Official Gazette, 
prohibit the making of contracts relating to raw jute futures 
and may, by like notification, withdraw such prohibition : 
Price—Indian, annas 2; English, 3d. 
Power of 
Provincial 
Govern-
ment to 
prohibit 
contracts 
relating to 
raw jute 
futures. 
 
The West „Bengal Raw Jute Futures Act, 1948. 
[West Ben. pct 
(Section 4.) 
Provided that the withdrawal of any such prohibition 
shall not affect the operation of the provisions of sub-section (2) in respect of any contract relating to raw jute futures 
made prior to the date on which the prohibition is with-drawn. 
(2) When the making of contracts relating to raw jute 
futures is prohibited by a notification under sub-section (1),— (a) no person shall make any such contract or pay or 
receive any margin except, in the case of any such 
contract made prior to the date of the notifica-
tion, to the extent to which the payment or 
receipt, as the case may be, of margin is allow- 
able on the basis of the last closing rate "in a notified market; 
(b) no owner or occupier of any premises shall knoNcringly 
permit such premises to be used for the making 
of any such contract or for the payment or 
receipt of margin in contravention of the provi-sions of clause (a); and 
(c) notwithstanding anything contained in any other law for the time being in force,— 
(i)' every such contract made, and every claim in, 
respect of margin, in contravention of the 
provisions of clause (a), shall be void and unenforceable, and 
(ii) every such contract made prior to the date of 
publication of the notification shall be varied 
and settled on the basis of the last closing rate in a notified market. 
this sub-section.,— 
(a) "last closing rate" means the rate fixed by the 
Directors of a notified market to be the closinc ,  rate of such market immediately preceding the 6  date of publication of the notification under sub-section (1) prohibiting the makinc ,  of contracts relating to raw jute futures; and 
(b) "notified market" means a raw jute futures market 
recognised by the Provincial Government by notification in the Official Gazette. 
4• 'Whoever, in contravention of the provisions of section 3,— 
(a) makes a contract relating to raw jute futures, or 
pays or receives, as the case may be, margin, or 
(b) being the owner or occupier of any premises, 
knowingly permits such premises to be used for 
the making of a contract relating to raw jute 
futures, or for the payment or receipt of margin, 
Penalty. 
The West Bengal Raw Jute Futures Act, 1948. 	 3 
`XXV of 1948.] 
(Sections 5, 6.) 
shall, on conviction, be punishable with imprisonment which 
may extend to one year, or with fine which may extend to 
one thousand rupees, or with both. 
Act V of 	 5. Notwithstanding anything contained in the Code of Special 
1898. 
	
	 Criminal Procedure, 1898, an offence punishable under this procedure. 
Act shall be cognisable and non-bailable and shall not be 
triable by any Magistrate other than a Presidency Magistrate 
or Magistrate of the First Class. 
West Ben. 
Ord. X of 
1948. 
6. Any notification issued or anything done or any action 
taken or any proceedings commenced in exercise of any power 
conferred by or under the West Bengal Raw Jute Futures 
Ordinance, 1948, shall, on the said Ordinance ceasing to 
operate, be deemed to have been issued, done, taken or 
commenced in exercise of powers conferred by or under this 
Act as if this Act had commenced on the 24th day of August, 
1948. 
Continu-
ance of 
action 
taken 
under West 
Bengal 
Ordinance 
X of 1948. 
WBGP-48/9-7281A-231 

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