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TMI BlogTHE SPECIFIED BANK NOTES (CESSATION OF LIABILITIES) ORDINANCE, 2016 No.10 OF 2016X X X X Extracts X X X X X X X X Extracts X X X X ..... endations of the Central Board of the Reserve Bank, vide notification No. S.O. 3407(E), dated the 8 th November, 2016, declared the then existing series of the bank notes of the denominational value of five hundred rupees and one thousand rupees to cease to be legal tender with effect from the 9 th November, 2016 to the extent specified therein; 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vember, 2016 (2) The words and expressions used and not defined in this Ordinance but defined in this Ordinance but 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 of the notification of the Government of India in the Ministry of Finance, number S.O.3407(E), dated the 8th November, 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entral 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, 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; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... l 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 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 (l), where an offence under this Ordinance 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 director, manager, secretary, or other officer or employee of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tely following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule. Power to remove difficulties 12.(1) If any difficulty arises in giving effect to the provisions of this Ordinance, the Central Government may, by order published in the Official Gazette, make such provisions not inconsistent with the provisions of this Ordinance, as may appear to it to be necessary or expedient for re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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