Wed, Apr 26, 2017 | updated 07:06 PM IST

President Mukherjee approves Specified Bank Notes (Cessation of Liabilities) Ordinance

Updated: Dec 30, 2016 20:16 IST      
President Mukherjee approves Specified Bank Notes (Cessation of Liabilities) Ordinance

New Delhi [India],Dec. 30(ANI):President Pranab Mukherjee on Friday approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016.

The Ordinance is a follow-up to the decision taken by the Centre to cancel the legal tender character of the existing series of banknotes, as on November 8 in the denominations of Rs.500 and Rs.1000 in circulation.

The main objectives of the Ordinance is to provide clarity and finality to the liability of the Reserve Bank of India and the Government of India for the Specified Bank Notes(SBN), to provide an opportunity to those persons who were unable to deposit the SBNs within the time provided and to declare holding, transferring or receiving SBNs as illegal, with provisions for penalty for contravention of any of the provisions of the Ordinance.

This decision follows a number of steps taken to eliminate the menace of unaccounted money in the economy including setting up of a Special Investigation Team (SIT), enacting a law regarding undisclosed foreign income and assets, amending the Double Taxation Avoidance Agreements between India and Mauritius and India and Cyprus, reaching an understanding with Switzerland for getting information on Bank accounts held by Indians with HSBC, encouraging the use of non-cash and digital payments, amendments to the Benami Transactions Act, and implementation of the Income Declaration Scheme 2016. It is a move in line with the government's initiatives to curb unaccounted money in the system, money laundering and tax avoidance.

Accordingly, this facility has been granted to all Indian citizens who were outside India from November 9 to December 30, to tender these SBNs at the specified Issue Offices of RBI until March 31 next year. For those citizens of India who are not resident in India, this facility would be available till June 30, 2017 in order to allow them adequate time to plan a visit as per their convenience.

The above facility would be subject to the regulations of the notification "Foreign Exchange Management (Export and Import of Currency) Regulations, 2015. As per these Regulations bringing back such currency into the country is restricted to Rs.25,000/- per person. Separate FEMA provisions are applicable to persons in Nepal and Bhutan which would continue to apply.

At the time of return to India the number and denominations of the SBN will need to be declared to the Customs authorities at the airports and other entry points. Necessary form for such declaration will be given out by the CBEC. The details of the declaration and statements that are required to be submitted along with the SBNs at the time of deposit in RBI Issue Offices will be separately announced by RBI. Any false declaration will invite a fine of Rs. 50,000 or five times the amount of the face value of the SBN tendered, whichever is higher.

After the period of exchange is over, the liabilities of the Reserve Bank and the guarantee of the Central Government towards the Specified Bank Notes will stand extinguished. Further, to prevent any continued parallel transactions with the SBNs by unscrupulous elements, after this period, holding, transferring and receiving SBNs will attract a fine of Rs.10,000 or five times the amount of the face value of the SBN involved in the contravention, whichever is higher.(ANI)

Kerala: NGT registers suo motu case over land encroachment

Updated: Apr 26, 2017 18:45 IST     

Idukki (Kerala) [India] Apr 26 (ANI): The National Green Tribunal (NGT) on Wednesday registered a suo motu case over massive land encroachment in Kerala's Munnar Hills.

Full Story >>

Sukma attack not an ambush but a raid says CRPF

Updated: Apr 26, 2017 18:38 IST     

Raipur (Chhattisgarh) [India], April 26 (ANI): Special Director General of the Central Reserve Police Force (CRPF), D. M. Awasthi on Wednesday asserted that Monday's Naxal attack on personnel of the 74th battalion of the force was not an ambush, but a raid.

Full Story >>

Hyderabad (Telangana) [India], Apr 26 (ANI): President Pranab Mukherjee on Wednesday said today sustaining and reinvigorating higher education, in India as well as in other parts of the world, has become a major challenge, especially so in public institutions.

Full Story >>

New Delhi [India] Apr 26 (ANI): The Prime Minister Narendra Modi on Wednesday chaired the 18th interaction through PRAGATI, the Information and communications technology (ICT) based multi-modal platform for Pro-Active Governance and Timely Implementation.

Full Story >>

Delhi HC raps petitioner over food quality in BSF

Updated: Apr 26, 2017 18:13 IST     

New Delhi [India] Apr 26 (ANI): The Delhi High Court on Wednesday in a Public Interest Litigation (PIL) filed over the viral video of Border Security Force (BSF) soldier Tej Bahadur Yadav alleging bad food being served to soldiers, asked the petitioner whether the former had ever raised such a complaint of bad food during his own service with the paramilitary.

Full Story >>

New Delhi [India], Apr 26 (ANI): India on Wednesday requested continued cooperation of the Government of Sri Lanka for humanitarian treatment of Indian fishermen, without resorting to force under any circumstances.

Full Story >>

Chandigarh/ New Delhi [India], April 26 (ANI): As early trends pointed to a clear victory for the Bharatiya Janata Party (BJP) in the 2017 MCD polls, the mood in the Congress party and the Aam Aadmi Party (AAP) remained somber and belligerent.

Full Story >>

Srinagar (Jammu and Kashmir) [India] Apr 26 (ANI): The General Officer Commanding of the the Indian Army's 15th Corps, Lieutenant General J.S. Sandhu, on Wednesday said Kashmir needs youth to participate to regain peace and harmony.

Full Story >>

New Delhi [India], Apr 26 (ANI): The Delhi Police Crime Branch team will visit Chennai tomorrow in connection with the All India Anna Dravida Munnetra Kazhagam (AIADMK) 'two leaves' symbol bribery case, sources said.

Full Story >>

Sasikala Pushpa says drama going on in Tamil Nadu

Updated: Apr 26, 2017 17:31 IST     

New Delhi/ Chennai (Tamil Nadu) [India], Apr 26 (ANI): Rajya Sabha member Sasikala Pushpa has dubbed the removal of V K Sasikala's posters from AIADMK headquarters and talks of merger between the two factions of party as a 'drama'.

Full Story >>

Kejriwal congratulates BJP for MCD victory

Updated: Apr 26, 2017 17:11 IST     

New Delhi [India], Apr 26 (ANI): After his defeat in the Municipal Corporation of Delhi (MCD) polls, Delhi Chief Minister Arvind Kejriwal on Wednesday congratulated the Bharatiya Janata Party (BJP) and expressed his willingness to work with the winning party for the betterment of Delhi.

Full Story >>

Dinakaran granted five-day police custody in bribery case

Updated: Apr 26, 2017 16:48 IST     

New Delhi [India] Apr 26 (ANI): A Delhi Court on Wednesday granted five-day police custody to ousted All India Anna Dravida Munnetra Kazhagam (AIADMK) leader T.T.V Dinakaran in the party symbol alleged bribery case.

Full Story >>

India, Sri Lanka sign MoU on economic co-operation

Updated: Apr 26, 2017 16:23 IST     

New Delhi [India], Apr 26 (ANI): India and Sri Lanka today signed an MoU on economic co-operation.

Full Story >>

New Delhi [India], April 26 (ANI): A special Central Bureau of Investigation (CBI) court on Wednesday discharged businessman Abhishek Verma and his wife Anca Maria in connection with an arms deal bribery case.

Full Story >>

Hyderabad (Telangana) [India], Apr 26 (ANI): President Pranab Mukherjee on Wednesday said India should develop universities as temples of higher learning, adding that there should be places for creating learning environment, where free exchange of ideas will take place and where mighty minds in the form of students and teachers would exchange ideas.

Full Story >>

WB: Police seize arms, intercepts two in Murshidabad

Updated: Apr 26, 2017 15:35 IST     

Murshidabad (West Bengal) [India], Apr 26 (ANI): The West Bengal Police on Wednesday seized sixteen arms and fifty round ammunitions in Murshidabad district and intercepted two people in a vehicle at Sagardighi police station area.

Full Story >>

Bribery case: Dinakaran moves bail application

Updated: Apr 26, 2017 15:35 IST     

New Delhi [India], Apr 26 (ANI): Ousted AIADMK leader T.T.V. Dinakaran on Wednesday moved a bail application in a Delhi Court.

Full Story >>

Congress' Gurudas Kamat resigns post MCD poll debacle

Updated: Apr 26, 2017 15:35 IST     

New Delhi [India], April 26 (ANI): Senior Congress leader and AICC General Secretary Gurudas Kamat on Wednesday announced his resignation from all party posts following the party's debacle in the Municipal Corporation of Delhi (MCD) polls.

Full Story >>

New Delhi [India], Apr 26 (ANI): The Supreme Court on Wednesday suggested the Central Government to give statutory status to NGO registration, accreditation and funding process instead of existing guidelines.

Full Story >>

New Delhi [India], April 26 (ANI): Indian High Commissioner Gautam Bambawale on Wednesday filed an appeal with Pakistan Foreign Secretary Aizaz Ahmad Chaudhry in connection with the Kulbhushan Jadhav case.

Full Story >>