Demonetisation bill passed in Lok Sabha
February 07, 2017  21:03
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The bill on demonetisation, the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 which will formally make the banning of Rs 500 and Rs 1,000 notes a law, was passed in Lok Sabha today.

While discussing the bill Finance Minister Arun Jaitley attacked opposition. 

"Whole country was patient post demonetisation. Only one who had problems was the Indian opposition and not the people," Jailtey said in Parliament.

The bill provides that the specified bank notes, which have ceased to be a legal tender, shall "cease to be liability of Reserve Bank of India". It prohibits the holding, transferring or receiving of the 'specified bank notes' after 31 December 2016.

According to the bill, an individual cannot hold more than 10 of the demonetised currency notes irrespective of value, and for the purpose of study or research, not more than 25 notes can be held.

For the violations of these provisions in Section 5 of the bill, a fine will be imposed, which can be of Rs 10,000 or five times the amount of the old currency notes held whichever of the two is higher.
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