The Specified Bank Notes (Cessation of Liabilities) Bill, 2017 (demonetisation bill) was passed in LokSabha, today. The Bill was introduced on 3rd February by the Union Finance Miniser Arun Jaitley.
The bill aims at formal banning of Rs 500 and Rs 1,000 which had been already scrapped by the Union Government on last November 2016.
The Bill replaced an Ordinance promulgated on December 30 last that provides for a fine of Rs 10,000 or five times the cash held, whichever is higher, on holding of more than 10 banned 1,000 and 500 rupee notes.
The Bill also provides for a minimum fine Rs 50,000 for false declaration by persons, who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit the scrapped notes with RBI till March 31.
It will also end the liability of the Reserve Bank of India and the government on the currency notes demonetised in November last year.
Read the full text of the Bill here.
