Section 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 regulating and controlling the business of the sale or purchase of any goods; (b) "Commission" means the Forward Markets Commission established under section 3; (c) "forward contract" means a contract for the delivery of goods[4] * 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 teji - mandi , a galli , a put, a call or a put and call in goods; right to buy or sell, or a right to buy and sell, goods in future, and includes a teji , a mandi , a (h) "prescribed" means prescribed by rules made under this Act; 2. Sections 29A or 29B shall stand by ins. (date to be notified) by Act 20 of 2015, s. 132 (a) the rules and regulations framed by the Central Government and the Commission under the Forward Contracts Act, shall stand repealed; (b) all authorities and entities established by the Central Government under the Forward Contracts Act, including the Commission and the Advisory Council established under section 25 of that Act, shall stand dissolved; (c) anything done or any action taken or purported to have been done or taken including any inspection, order, penalty, proceeding or notice made, initiated or issued or any confirmation or declaration made or any licence, permission, authorisation or exemption granted, modified or revoked, or any document or instrument executed, or any direction given under the Act repealed in sub-section (1), shall be continued or enforced by the Security Board, as if that Act had not been repealed; (d) all offences committed, and existing proceedings with respect to offences which may have been committed under the Forward Contracts Act, shall continue to be governed by the provisions of that Act, as if that Act had not been repealed; (e) a fresh proceeding related to an offence under the Forward Contracts Act, may be initiated by the Security Board under that Act within a period of three years from the date on which that Act is repealed and be proceeded with as if that Act had not been repealed; (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 1. This Act has been extended to:— (i) Pondicherry (with modification), vide notification No. S.O. 3865, dated 29-12-1962, see Gazette of India, Part II, sec. 3(ii). (ii) Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and First Schedule: and (iii) Goa, Daman and Diu (with modifications), vide notification No. G.S.R. 962, dated 24-6-1967, see Gazette of India, Part II, sec. 3(i). 2. The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1960, s. 2 (w.e.f. 28-12-1960). (f) no court shall take cognizance of any offence under the Forward Contracts Act from the date on which that Act is repealed, except as provided in clauses (d) and (e); (g) clauses (d), (e) and (f) shall not be held to or affect the general application of section 6 of the General Clauses Act, 1897 (10 of 1897) with regard to the effect of repeal to matters not covered under these sub-sections.