Which act allows the government to confiscate the assets of newspaper in case of publishing anything “objectionable”?

The correct answer is Vernacular Press Act, 1878. 

Key Points

• According to the Vernacular Press Act, any magistrate or police commissioner had the power to order any printer or publisher of a newspaper to sign a bond promising not to publish a specific type of material and to seize any printed materials it deemed offensive.
• The Gagging Act was another name for the Press Act. It was a measure to improve the regulation of publishing in eastern languages.
• British India passed the Vernacular Press Act in 1878 to restrict the freedom of the Indian-language (i.e., non-English) press.
• That led to animosity among Indians, which served as one of the driving forces behind the nation's escalating independence struggle.

Additional Information

•  British India passed the Vernacular Press Act (1878) to restrict journalistic freedom and discourage criticism of British policy, notably the opposition that had risen since the commencement of the Second Anglo-Afghan War (1878–80).
• The Act was submitted by Lytton, the Viceroy of India at the time, and on March 14, 1878, the Viceroy's Council unanimously approved it.
• In order to "better control" the vernacular press and effectively penalise and prohibit "seditious literature" in "publications in oriental languages," the Vernacular Press Act (VPA) was passed.
• As a result, the Brits had nothing but hatred for the (non-English speaking) Indian press.
• Ilbert Act, 1883:​
  • ​In Indian history, the Ilbert Bill was a contentious proposal made in 1883 to permit senior Indian magistrates to sit over matters involving British subjects in India.
  • The Indian Legislative Council passed the compromise-devastated bill on January 25, 1884.
  • This measure sought parity between British and Indian judges in the nation and allowed for the trial of British or European citizens by Indian judges.
  • The government's withdrawal of the bill was compelled by the white opposition.
• Media Act, 1883:
  • ​During the British colonial era (1870–1918), Indian media worked to incite nationalism among the populace.
  • It focused on combating illiteracy, promoting public agitation, and encouraging open, engaged debates against the administration in addition to discussing the political plans of the government.
• Newspaper Act, 1855: 
  • ​An Act to Provide for the Transmission of Printed Periodical Publications by Post and to Amend the Statutes Relating to the Stamp Taxes on Newspapers.
    [June 15, 1855]
  • WHEREAS it is necessary to amend the laws governing stamp duties on newspapers and to make provisions for the postal delivery of printed periodicals. 
  • It is hereby enacted by Her Majesty the Queen, with the Advice and Consent of the Lords Spiritual and Temporal, and the Commons, in this current Parliament assembled, and by the Authority of the same.