Specified Bank Notes Cessation of Liabilities Ordinance 2016

Here is the Specified Bank Notes Cessation of Liabilities Ordinance 2016.

In a press release by the PIB dated 30th December, 2016 , it has been announced that The President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The press release states that this ordinance is a follow-up to the decision taken by the Government of India to demonetize Rs.500 and Rs.1000 in circulation at the time, on November 8 this year.

The main objectives of the Ordinance are –

(i) to provide clarity and finality to the liability of the Reserve Bank of India and the Government of India for the Specific Bank Notes(SBNs);

(ii) to provide an opportunity to those persons who were unable to deposit the SBNs within the time provided; and

(iii) to declare holding, transferring or receiving SBNs as illegal, with provisions for penalty for contravention of any of the provisions of the Ordinance.

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Source : livelaw.in