Get set for an action-packed day in Parliament today with the Narendra Modi government set to introduce the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 in Lok Sabha.

The bill, to be introduced by Finance Minister Arun Jaitley, would replace the note ban Ordinance promulgated by the government in December last year. Any Ordinance passed by a government must be replaced by a bill within 42 days of the commencement of a session or it will lapse.

The Ordinance, approved by President Pranab Mukherjee on December 30, made it illegal to hold, transfer or receive the junked Rs 500 and Rs 1000 notes.

The Ordinance also extinguished the liability of the government and the Reserve Bank of India on the demonetised notes.

The issue of demonetisation, notably, had virtually washed out the Parliament's winter session and debates on the note ban decision are yet to be concluded in the two houses.

The BJP has asked all its MPs to be present in the Lok Sabha today.