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THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ORDINANCE 2016 No.10 OF 2016

THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ORDINANCE, 2016 No.10 OF 2016 - Allied Laws - THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ORDINANCE, 2016 No.10 OF 2016 - Dated:- 30-12-2016 - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 30th December, 2016/Pausha 9, 1938 (Saka) THE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ORDINANCE, 2016 No.10 OF 2016 Promulgated by the President in the Sixty-seventh Year of the Republic of India. An Ordinance to provide .....

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herein; AND WHEREAS, a part of the series of bank notes in circulation which have ceased to be legal tender on account of the said notification has come back to the Reserve Bank of India; AND WHEREAS, such bank notes which have ceased to be legal tender are a liability in the books of accounts of the Reserve Bank of India under section 34 of the Reserve Bank of India Act, 1934; AND WHEREAS, it is necessary to have clarity and finality to the liabilities of the Reserve Bank of India and the Centr .....

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pecified Bank Notes (Cessation of Liabilities) Ordinance, 2016. (2) It shall come into force on the 31 st day of December, 2016. Definitions 2. (l) In this Ordinance, unless the context otherwise requires, - (a) "appointed day" means the 31 day of December, 2016; (b) "grace period" means the period to be specified by the Central Government, by notification, during which the specified bank notes can be deposited in accordance with this Ordinance; (c) "notification" m .....

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ut defined in the Reserve Bank of India Act, 1934 (2 of 1934) or the Banking Regulation Act, 1949 (10 of 1949) shall have the meanings respectively assigned to them in those Acts. Specified bank notes to cease to be liability of Reserve Bank or Central Government 3. On and from the appointed day, notwithstanding anything contained in the Reserve Bank of India Act, 1934 (2 of 1934) or any other law for the time being in force, the specified bank notes which have ceased to be legal tender, in view .....

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holding specified bank notes on or before the 8th of November, 2016 shall be entitled to tender within the grace period with such declarations or statements, at such offices of the Reserve Bank or in such other manner as may be specified by it, namely: (i) a citizen of India who makes a declaration that he was outside India between the 9th November, 2016 to 30th December, 2016 subject to such conditions as may be specified, by notification, by the Central Government; or (ii) such class of person .....

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ve Bank to credit the value of the notes under sub- section (2), may make a representation to the Central Board of the Reserve Bank within fourteen days of the communication of such refusal to him. Explanation.- For the purposes of this section, the expression "Know Your Customer compliant bank account" means the account which complies with the conditions specified in the regulations made by the Reserve Bank under the Banking Regulations Act, 1949. (10 of 1949) Prohibition on holding, .....

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purposes of study, research or numismatics; (b) by the Reserve Bank or its agencies, or any other person authorised by the Reserve Bank; (c) by any person on the direction of a court in relation to any case pending in that court. Penalty of contravention of section 4 6. Whoever knowingly and wilfully makes any declaration or statement specified under sub-section (1) of section 4, which is false in material particulars, or omits to make a material statement, or makes a statement which he does no .....

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s 8. (1) Where a person committing a contravention or default referred to in section 6 or section 7 is a company, every person who, at the time the contravention or default was committed, was in charge of, and was responsible to, the company for the conduct of the business of the company, as well as the company, shall be deemed to be guilty of the contravention or default and shall be liable to be proceeded against and punished accordingly: Provided that nothing contained in this sub-section sha .....

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etary, or other officer or employee of the company, such director, manager, secretary, other officer or employee shall also be deemed to be guilty of the offence and shall be liable to be proceeded against and punished accordingly. Explanation.-For the purpose of this section,- (a) "a company" means any body corporate and includes a firm, trust, a co-operative society and other association of individuals; (b) "director", in relation to a firm or trust, means a partner in the .....

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