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Specified Bank Notes (Cessation of Liabilities) Act 2017

News and Press Release - Dated:- 2-3-2017 - MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 28th February, 2017/Phalguna 9, 1938 (Saka) The following Act of Parliament received the assent of the President on the 27th February, 2017, and is hereby published for general information:- THE NO. 2 OF 2017 [27th February, 2017] An Act to provide in the public interest for the cessation of liabilities on the specified bank notes and for matters connected therewith or incidental there .....

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es can be deposited in accordance with this Act; (c) notification means a notification published in the Official Gazette; (d) Reserve Bank means the Reserve Bank of India constituted by the Central Government under section 3 of the Reserve Bank of India Act, 1934 (2 of 1934); (e) specified bank note means a bank note of the denominational value of five hundred rupees or one thousand rupees of the series existing on or before the 8th day of November, 2016. (2) The words and expressions used and n .....

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be legal tender, in view of the notification of the Government of India in the Ministry of Finance, number S.O. 3407(E), dated the 8th November, 2016, issued under sub-section (2) of section 26 of the Reserve Bank of India Act, 1934, shall cease to be liabilities of the Reserve Bank under section 34 and shall cease to have the guarantee of the Central Government under sub-section (1) of section 26 of the said Act. Exchange of specified bank notes. 4. (1) Notwithstanding anything contained in sec .....

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rnment; or (ii) such class of persons and for such reasons as may be specified by notification, by the Central Government. (2) The Reserve Bank may, if satisfied, after making such verifications as it may consider necessary that the reasons for failure to deposit the notes within the period specified in the notification referred to in section 3, are genuine, credit the value of the notes in his Know Your Customer compliant bank account in such manner as may be specified by it. (3) Any person, ag .....

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ibition on holding transferring or receiving specified bank notes. 5. On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified bank note: Provided that nothing contained in this section shall prohibit the holding of specified bank notes- (a) by any person- (i) up to the expiry of the grace period; or (ii) after the expiry of the grace period,- (A) not more than ten notes in total, irrespective of the denomination; or (B) not more than twen .....

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ment which he does not believe to be true, shall be punishable with fine which may extend to fifty thousand rupees or five times the amount of the face value of the specified bank notes tendered, whichever is higher. Penalty for contravention of section 5. 7. Whoever contravenes the provisions of section 5 shall be punishable with fine which may extend to ten thousand rupees or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher. .....

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n this sub-section shall render any such person liable to punishment if he proves that the contravention or default was committed without his knowledge or that he had exercised all due diligence to prevent the contravention or default. (2) Notwithstanding anything contained in sub-section (1), where an offence under this Act has been committed by a company and it is proved that the same was committed with the consent or connivance of, or is attributable to any neglect on the part of, any directo .....

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r a beneficiary in the trust. Special provisions relating to offences. 9. Notwithstanding anything contained in section 29 of the Code of Criminal Procedure, 1973 (2 of 1974), the court of a Magistrate of the First Class or the court of a Metropolitan Magistrate may impose a fine, for contravention of the provisions of this Act. Protection of action taken in good faith. 10. No suit, prosecution or other legal proceeding shall lie against the Government, the Reserve Bank or any of their officers .....

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