Exchange of old notes
This query is : Resolved
26 February 2017
Can I know the how the process of exchanging old notes in RBI and it's requirements
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.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Putting a heading on received mail
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
