Demonetization

133 views 3 replies

Mukul Giria

111 Points Joined May 2016

Is it illegal to accept a currency even though its not a legal tender? Is it illegal to accept Rs. 500 (Old note) as a consideration after 10th November? Assuming its legal to accept, If they are accepted, can they be exchanged or deposited?

Replies (3)

Dharmesh

Student

1025 Points Joined May 2016

If you or your business is not in the prescribed exemptions then u cannot accept old notes after 8th nov..if your records show that u have accepted those after 8th midnight then the question of depositing it doesn't arise coz it's illegal tender and just a piece of paper..so as you asked to assume it to be a legal tender you will have to make your records to show that its accepted on or before 8th nov for anybody to assume the above..

CA Harshal Totla

Chartered Accountant

2229 Points Joined May 2014

If your business is one that is specified by govt.in govt.for this purpose eg.petrol pumps then you can accept ₹500/1000 n notes after 8th Nov.also that too on maintaining proper records, Otherwise, you cannot accept.
So, it is not adviced to accept these notes after 8th Nov.