The Government has issued the
Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 clarifying the
extinguishment of RBI’s liability towards these SBNs, and penalises ‘holding,
transferring and receiving’ of the SBNs, beyond a certain threshold, during
this interim period of transfer.
The Ordinance has made the holding of more than ten old currency notes,
an offence punishable by a fine of fifty thousand rupees or five times the
face value of the notes held.
Under the Ordinance any
citizen of India who was outside India between 9th November
2016 and 30th December 2016 or other class of persons were
given time period till 31st December 2016. However vide its
subsequent notification the Ministry has extended the time for Indian citizens
who is a resident in India till 31st March 2017 and who is not
a resident in India till 30th June 2017.
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