Restriction to acquire and transfer property

(1) No public servant shall in his own name or in the name of any of his family member acquire or transfer any immovable property unless he has obtained permission in writing, from the prescribed authority : Provided that the acquisition or transfer of movable property shall be brought to the notice of the prescribed authority where value of such property exceeds the limit prescribed by the Government. (2) Notwithstanding anything contained in any other law, any transfer effected by a public servant without the previous permission as provided under sub-section (1) shall be null and void and no person shall be deemed to have acquired any right therein.