01 March 2017
The window for depositing Specified Bank Notes of the Denominations of Rs.500 and Rs.1,000 for Residents is closed and you can not hold it any more.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs 500/1,000 notes that have been demonetised.
The law, signed by President Pranab Mukherjee on February 27, 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 such scrapped notes with RBI till March 31.
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