President approves promulgation of Specified Bank Notes Ordinance, 2016

President Pranab Mukherjee gave his assent for the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. It makes holding of old 1,000 and 500 rupee notes after 31st March 2016 a offence that will attract a fine of Rs. 10000 or five times the cash held, whichever is higher. The ordinance also provides for amending the Reserve Bank of India Act, 1934 to provide legislative support for extinguishing the demonetised banknotes that are not returned. It also provides an opportunity to those persons who were unable to deposit the Specified Bank Notes within time provided. For those citizens of India who are not resident in India, this facility would be available till June 30, 2017 to allow them adequate time to plan a visit as per their convenience.