(1) Where the Director General (Central Intelligence Cell) or the Commissioner has specific information to the effect that any person has concealed information relating to his income or investments in his possession of any money, bullion, ornaments, financial instruments, financial assets, valuables or any other property for the time being may be ordered in writing such person not to remove, transfer or otherwise dispose of the same without the prior permission of the ordering authority.

(2) Such order shall cease to have any effect after the expiry of one year from the date of passing of the order under sub-section (1).

(3) The Income-tax authority referred to in sub-section (1), subject to the approval of the Board, may extend the said period:

Provided that the period of extension shall in no case exceed 1 (one) year in total.

(4) In calculating the period referred to in sub-sections (2) and (3), if the order passed by the court under sub-section (1) is stayed for any period, such period, if any, shall be excluded from the calculation.