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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18-11-2016 Last Replied Date:- 18-11-2016 - Government of India vides notification 2652 dated November 08, 2016 has withdrawn the Legal Tender status of ₹ 500/- & ₹ 1000/- Bank Notes (hereinafter referred as specified bank notes ) from 09/11/2016. This is the normal understanding of every person. India is standing outside Banks & ATMs for exchanging the cash. Through this article the writer tries to point a cer .....

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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 13:00 hours on the 10th November, 2016 to the designated Regional Office of the Reserve Bank of India (hereinafter referred to as the Reserve Bank) in the format specified by it. Immediately after forwarding the return referred to in sub-paragraph (1 .....

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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 notes shall cease to be legal tender with effect from the 9th November, 2016 to the extent specified below, namely:- are of relevance for discussion. The said words under the rule of literal interpretation shall mean that the specified bank notes shall n .....

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