President Pranab Mukherjee approves promulgation of Specified Bank Notes Ordinance

President Pranab Mukherjee on Friday gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. The Union Cabinet had earlier approved the ordinance.It provides for making holding of old 1,000 and 500 rupee notes after 31st of March next year a offence that will attract a fine of 10 thousand rupees or five times the cash held, whichever is higher.

The ordinance also provides for amending the Reserve Bank of India Act to provide legislative support for extinguishing the demonetised banknotes that are not returned.Other objective includes providing an opportunity to those persons who were unable to deposit the Specified Bank Notes within time provided. Accordingly, this



facility has been granted to all Indian citizens who were outside India from 9th November, 2016 to 30th December, 2016 to tender these notes at the specified Issue Offices of RBI until 31st March, 2017.

For those citizens of India who are not resident in India, this facility would be available till June 30, 2017 to allow them adequate time to plan a visit as per their convenience. At the time of return to India the number and denominations of such notes will need to be declared to the Customs authorities at the airports and other entry points.

Any false declaration will invite a fine of 50 thousand rupees or five times the amount of the face value of the Specified bank notes tendered, whichever is higher.