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500/1000 Rs. Bank Notes, A Legal Tender

Corporate Laws / Banking / SEBI - By: - Priyesh Agrawal - Dated:- 18-11-2016 Last Replied Date:- 18-11-2016 - Government of India vides notification 2652 dated November 08, 2016 has withdrawn the Legal Tender status of ₹ 500/- & ₹ 100 .....

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tain mistake in the said notification which would have an incurable impact. Relevant Extracts from said notification. Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 19 .....

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efined under the Banking Regulation Act, 1949 (10 of 1949) and every Government Treasury shall complete and forward a return showing the details of specified bank notes held by it at the close of business as on the 8th November, 2016, not later than .....

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), the specified bank notes shall be remitted to the linked or nearest currency chest, or the branch or office of the Reserve Bank, for credit to their accounts. The specified bank notes held by a person other than a banking company referred to in su .....

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ive Banks for a period up to and including the 30th December, 2016, subject to the following conditions, namely:- (i)…………. (ii)………….. In the above extract, the words that the specified bank note .....

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ot been used for payment purpose from 09/11/2016 as specified below. However after reading the whole notification I had not found any specified purpose for which Government had restricted the payment through specified bank notes. Instead the Governme .....

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o answered by the Government. I would also like to bring in light other notification no.2653 dated 08/11/2016, which gives a support to the above question because therein the Government had specifically covered certain payments for which the specifie .....

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that the specified bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November,2016, to the extent of transactions specified below, namely:- (a) for making payments in Government hospitals for m .....

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