CA Vinamar Gupta
The write up while deals and dissects various notifications and press releases issued by Central Government and RBI on the subject, it also peeps into the live and vibrant issue of accepting and issuing 500/- and 1000/- rupee note after 08-11-2016.
Introduction of Rs. 2000/- Bank Note [Notification 3409 dtd 08-11-2016]
- In exercise of the powers conferred by sub-section (2) of section 24 of the Reserve Bank of India Act, 1934 (2 of 1934)
- and on the recommendations of the Central Board of Directors of the Reserve Bank of India,
- the Central Government hereby specifies the denomination of bank notes of the value of two thousand rupees.
But section 24(2) of RBI Act deals with discontinuance of denomination and not specification of denomination as under :
Discontinuance of Denominations of notes[Section 24(2)]
- The Central Government may,
- on the recommendation of the Central Board,
- direct the non-issue or
- the discontinuance of issue of bank notes of such denominational values as it may specify in this behalf
Denominations of notes [Section 24(1)]
- (1) Subject to the provisions of sub-section (2),
- bank notes shall be of the denominational values of two rupees, five rupees, ten rupees, twenty rupees, fifty rupees, one hundred rupees, five hundred rupees, one thousand rupees, five thousand rupees and ten thousand rupees
- or of such other denominational values, not exceeding ten thousand rupees,
- as the Central Government may, on the recommendation of the Central Board, specify in this behalf
Hence corrigendum notification was issued replacing section 24(2) with section 24(1).
Cessation of Legal tender Status of Rs. 500/- and 1000/- Bank Notes
N/N S.O. 3407 dated 08-11-2016
- Whereas, the Central Board of Directors of the Reserve Bank of India
- (hereinafter referred to as the Board)
- has recommended that
- bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees (hereinafter referred to as specified bank notes)
- shall be ceased to be legal tender
To eradicate Counterfeit Notes
- And whereas, it has been found that
- fake currency notes of the specified bank notes have been largely in circulation and
- it has been found to be difficult to easily identify genuine bank notes from the fake ones
- and that the use of fake currency notes is causing adverse effect to the economy of the country
To Eradicate Unaccounted Wealth
- And whereas, it has been found that
- high denomination bank notes are used for
- storage of unaccounted wealth
- as has been evident from the large cash recoveries made by law enforcement agencies
Drug Trafficking and Terrorism
- And whereas, it has also been found that fake currency is being used for financing subversive activities
- such as drug trafficking and terrorism,
- causing damage to the economy and security of the country and
The Central Government after due consideration has decided to implement the recommendations of the Board;
Declaration of Central Government
Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934) (hereinafter referred to as the said Act),
- the Central Government hereby declares
- that the specified bank notes shall cease to be legal tender with effect from the 9th November, 2016 to the extent specified below,namely:—
Return of Details of Specified bank Notes held with bank on 8th November [Para 1(1)]
- Every banking company defined under the Banking Regulation Act, 1949 (10 of 1949) “banking company, co-operative bank, corresponding new bank, subsidiary bank, regional rural bank and the State Bank of India as defined under the Banking Regulation Act, 1949 (10 of 1949) (hereinafter referred to as ‘banking company’ or ‘bank’)”;[N/N 3418 dtd 09-11-2016]
- and every Government Treasury
- shall complete and forward a return
- showing the details of specified bank notes held by it at the close of business as on the 8th November, 2016, not later than 13:00 hours on the 10th November, 2016
- to the designated Regional Office of the Reserve Bank of India (hereinafter referred to as the Reserve Bank) in the format specified by it.
Remission of demonetized bank notes to RBI [Para 1(2)]
- Immediately after forwarding the return referred to in sub-paragraph (1),
- the specified bank notes shall be remitted to
- the linked or nearest currency chest, or the branch or office of the Reserve Bank,
- for credit to their accounts.
Exchange of Demonitized/Specified Notes [Para 2]
- The specified bank notes held by a person other than a banking company referred to in sub-paragraph (1) of paragraph 1 or Government Treasury
- may be exchanged
- at any Issue Office of the Reserve Bank or any branch of public sector banks, private sector banks, foreign banks, Regional Rural Banks, Urban Cooperative Banks and State Cooperative Banksbank referred to in sub-paragraph (1) of paragraph 1 [N/N 3418 dtd 09-11-2016.
[Comments :SBI was otherwise outside the purview of Exchange]
- for a period up to and including the 30th December, 2016, subject to the following conditions,namely:—
Exchange up to Rs. 4000 4500/- [Para 2(i)]
- the specified bank notes of aggregate value of Rs.4,000 4500/- or below [N/N 3446 dtd 13-11-2016]
- may be exchanged
- for any denomination of bank notes having legal tender character,
- with a requisition slip in the format specified by the Reserve Bank
- and proof of identity;
Press Release 14-11-2016
- This will enable the Banks to give lower denomination notes for Rs.500/- while dispensing the remaining Rs.4000/- through Rs.2000/- notes.
Review of Exchange Limit after 15 days i.e. after 24-11-2016[Para 2(ii)]
- the limit of Rs.4,000/- for exchanging specified bank notes shall be reviewed after fifteen days from the date of commencement of this notification
- and appropriate orders may be issued, where necessary;
[Omitted by N/N 3446 dated 13-11-2016]
No Limit on Tender to Bank for cash credit[Para 2(iii)]
- there shall not be any limit on the quantity or value of the specified bank notes to be credited to the account maintained with the bank by a person,
- where the specified bank notes are tendered;
KYC non compliant bank accounts-Limit on Tender to Bank for cash credit[Para 2(iii)]
- however, where compliance with extant Know Your Customer (KYC) norms is not complete in an account,
- the maximum value of specified bank notes as may be deposited shall be Rs.50,000/-
Standard Banking Procedures and ID Proof for cash deposit [Para 2(iv)]
- the equivalent value of specified bank notes tendered may be credited to an account maintained by the tenderer at any bank
- in accordance with standard banking procedure
- and on production of valid proof of Identity;
Cash Credit to 3rd party account subject to specific authorization [Para 2(v)]
- the equivalent value of specified bank notes tendered
- may be credited to a third party account,
- provided specific authorization therefor accorded by the third party is presented to the bank,
- following standard banking procedure
- and on production of valid proof of identity of the person actually tendering
Limit on Cash Drawl [Para 2(vi)]
- cash withdrawal from a bank account over the counter shall be restricted to Rs.10,000/- per day subject to an overall limit of Rs. 20,000/- a week from the date of commencement of this notification
- shall be restricted to Rs. 24,000/- a week [N/N 3446 dated 13-11-2016] [the daily limit of 10000/- per day stands withdrawn as per RBI Circular 129/13-11-2016
- until the end of business hours on 24th November, 2016, after which these limits shall be reviewed [Omitted by N/N 3449 dated 19-11-2016]
- “Provided that cash withdrawal from a current account, which is in operation during the last three months or more, shall be restricted to Rs. 50,000/- a week [Inserted by N/N 3449 dated 19-11-2016]
- As per RBI Notification such drawl shall predominantly be in notes of Rs. 2000/- [RBI/2016-17/131 dtd 14-11-2016]
- As per Press Release dated 14-11-2016, This can be done in a single transaction or multiple transactions. This will enable the small business entities to pay wages to their workers and make sundry payments
No restriction on non cash method of operating [Para 2(vii)]
there shall be no restriction on the use of any non-cash method of operating the account of a person including cheques, demand drafts, credit or debit cards, mobile wallets and electronic fund transfer mechanisms or the like;
Restriction on Cash Drawl from ATM[Para 2(viii)]
- withdrawal from Automatic Teller Machines (hereinafter referred to as ATMs) shall be restricted to
- 2,000 per day per card up to 18th November, 2016 and the limit shall be raised to Rs.4,000 per day per card from 19th November, 2016;
N/N 3446 dated 13-11-2016
- Provided that on and from the date of commencement of this notification [i.e. 13-11-2016], withdrawal limit from any ATM including White Label ATM,
- which has been recalibrated to dispense the denomination of bank notes of the value of Rs. 500/- and Rs. 2000/-, shall be
- 2,500/- per day per card upto 18th November, 2016
- and any ATM or White Lebel ATM which has not been recalibrated shall continue to dispense Rs.100/- or Rs.50/- until recalibrated.
- and the limit shall be raised to Rs. 4000/- per day per card from 19th November, 2016 [Omitted by N/n 3449 dated 14-11-2016]
Waiver of ATM charges
- Vide RBI notification RBI/2016-17/132 RBI has directed that banks shall waive levy of ATM charges for all transactions (inclusive of both financial and non-financial transactions) by savings bank customers done at their own banks’ ATMs as well as at other banks’ ATMs, irrespective of the number of transactions during the month.
- This waiver is applicable on transactions done at ATMs from November 10, 2016 till December 30, 2016, subject to review.
- As per Press Release 14-11-2016, RBI has advised National Payments Corporation of India (NPCI) to waive its transaction charges on transactions settled through National Financial Switch(NFS) till 31st December, 2016 . Banks are also being advised to waive similar charges currently levied by them.
2nd Opportunity for exchange/deposit at RBI offices after 30th Dec [Para 2(ix)]
- any person who is unable to exchange or deposit the specified bank notes in their bank accounts on or before the 30th December, 2016,
- shall be given an opportunity to do so
- at specified offices of the Reserve Bank or such other facility until a later date as may be specified by it.
Closure of Bank Branches on 9thNovember[Para 3(1)]
- Every banking company and every Government Treasury referred to in sub-paragraph (1) of paragraph 1
- shall be closed for the transaction of all business on 9th November, 2016,
- except the preparation for implementing this scheme
- and remittance of the specified bank notes to nearby currency chests or
- the branches or offices of the Reserve Bank and
- receipt of bank notes having legal tender character.
ATMs etc shut for 9th and 10th Nov [Para 3(2)]
All ATMs, Cash Deposit Machines, Cash Recyclers and any other machine used for receipt and payment of cash shall be shut on 9th and 10th November, 2016.
Recalling Cash and replacing with bank notes having legal tender [Para 3(3)]
- Every bank referred to in sub-paragraph (1) of paragraph 1 shall
- recall the specified bank notes from ATMs
- and replace them with bank notes having legal tender character prior to reactivation of the machines on 11th November, 2016.
- The sponsor banks of White Label ATMs shall be responsible to recall the specified bank notes from the White Label ATMs and replacing the same with bank notes having legal tender character prior to reactivation of the machines on 11th November, 2016.
100/- and 50/- Rupee note to be dispensed [Para 3(5)]
- All banks referred to in sub-paragraph (1) of paragraph 1 shall ensure that their ATMs and White Label ATMs shall dispense bank notes of denomination of Rs.100 or Rs. 50, until further instructions from the Reserve Bank.
[Omitted by N/N 3446 dated 13-11-2016 due to substitution made in clause 2(viii)]
Resumption of work from 10th Nov [para 3(6)]
The banking company referred to in sub-paragraph (1) of paragraph 1 and Government Treasuries shall resume their normal transactions from 10th November, 2016.
Daily Submission of details of exchange to RBI [Para 4]
- Every banking company referred to sub-paragraph (1) of paragraph 1,
- shall at the close of business of each day starting from 10th November, 2016,
- submit to the Reserve Bank, a statement showing the details of specified bank notes exchanged by it in such format as may be specified by the Reserve Bank
Exemptions from operation of demonetization [N/N 3408 dated 08-11-2016]
- Para 1: It has become necessary to notify certain exemptions for the convenience of the members of public in carrying out certain emergent and urgent transactions using the specified bank notes;
- Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby declares that the specified bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, [Extended to 14 Nov by N/N 3445 dtd 11-11-2016. Further Extended to 24th November 2016 by N/n 3448 dtd 14-11-2016
- [Para 2: All establishments referred to in paragraph 1, shall maintain complete account of record of stock and sale of transactions made with the specified bank notes during the period between 9th November, 2016 and 11th November, 2016] [Extended to 14 Nov by N/N 3445 dtd 11-11-2016. Further Extended to 24th November 2016 by N/n 3448 dtd 14-11-2016]
- to the extent of transactions specified below, namely:
|Govt Hospitals and pharmacies[Para (a)]
|for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor’s prescription
|Rail/GovtPSUBus/Airline [Para (b)]
||• at railway ticketing counters,
• ticket counters of Government or Public Sector Undertakings buses
• and airline ticketing counters at airports for purchase of tickets;
|Consumer Co-operative Stores [para (c)]
||• for purchases at consumer cooperative stores operated under authorisation of Central or State Governments;
• and the customers shall provide their identity proof” [N/N 3445 dtd 11-11-2016]
||for purchase at milk booths operating under authorisation of the Central or State Governments;
|Petrol etc [(e)]
||• for purchase of petrol, diesel and gas at the stations
• operating under the authorisation of
• Public Sector Oil Marketing Companies;
• Public Sector Oil and Gas Marketing Companies [Substituted by N/N 3447 dated 13-11-2016]
||• for payments at crematoria and burial grounds;
|International Airports [g]
||• at international airports,
• for arriving and departing passengers,
• who possess specified bank notes,
• the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;
|Foreign Tourists [(h)]
||for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.
||for making payments in all pharmacies on production of doctor’s prescription and proof of identity [N/N 3416 dtd 09-11-2016]
||• for making payments on all toll plazas on the State and National Highways; [N/N 3416 dtd 09-11-2016]
• Deleted by N/N 3445 N/n 11-11-2016
Press Release 11-11-2016
• Payments in toll-plazas of the State and National Highways will be deleted from exemptions, considering that the Ministry of Road Transport and Highways is separately issuing instructions in this regard.
||• for payments on purchases LPG gas cylinders
[N/N 3416 dtd 09-11-2016]
|Catering on Travel [l]
||• for making payments to catering services on board, during travel by rail; [N/n 3416 dtd 9-11-2016]
||for making payments for purchasing tickets for travel by suburban and metro rail services[N/n 3416 dtd 9-11-2016]
|Monuments Entry Tickets[n]
||• for making payments for purchase of entry tickets for any monument maintained by the Archeological Survey of India.”. [N/n 3416 dtd 9-11-2016]
||• for making payments towards any fees, charges, taxes or penalties,
• payable to the Central or State Governments including Municipal and local bodies;
[Added by N/n 3429 dated 10-11-2016]]
|Utility Charges [p]
||• for making payments towards utility charges including water and electricity.”.
• [N/n 3429 dated 10-11-2016]
• which shall be restricted to individuals or households for payment of only arrears or current charges and no advance payments shall be allowed [Added by N/N 3445 dtd 11-11-2016]
|Court Fee [q]
||• for payments towards court fees [N/N 3445 dtd 11-11-2016]
Nepal and Bhutan
The Reserve Bank of India shall issue guidelines for exchange of specified bank notes in Nepal and Bhutan.”.[N/N 3445 dtd 11-11-2016]
Time for Submission of Life Certificate extended
The last date for submission of the annual life certificate for the government pensioners which is to be submitted in November every year has been extended upto January 15, 2017 by RBI [RBI/2016-17/129 dtd 13-11-2016]
a) Separate Queues:
Banks are advised to make arrangements for separate queues for Senior citizens and Divyang (disabled) persons.
Similarly, separate queues should also be arranged for those who come to exchange SBN for cash and those who come to deposit into bank accounts.
As per Press Release 14-11-2016, There will, therefore be, three or more separate queues in every branch
b) Business Correspondants
Banks are advised to increase the Business Correspondents’ limit of dispensing cash to ₹ 2500/- for withdrawal from bank accounts.
As per Press Release 14-11-2016
Banks will increase the cash holding limit of BCs to at least Rs.50,000/- each. Banks will also allow higher limits in appropriate cases.
Banks will replenish the cash with BCs multiple times in a day as per requirement of the BCs.
BCs have wide presence in the rural areas. Totally there are 1.2 lakh BCs in the country. The above decisions will facilitate wider reach in the rural areas for exchange and withdrawal of cash from Bank Accounts.
c) Postal Network :
- There are about 1.3 lakh Branch Post Offices in the country. It has been decided to enhance the supply of cash to Branch Post Offices to facilitate cash withdrawals from Postal Accounts.
- It may be noted that with 1.2 lakh BCs and 1.3 lakh branch Post Offices getting further activated, a total number of 2.5 lakh points in rural areas will be available to disburse cash and facilitate cash withdrawals from Bank Accounts.
- [Press Release dated 14-11-2016]
d) Micro ATMs
As per RBI
- Banks may deploy their Micro ATMs (BalaMitras, etc) near village Panchayat Offices, Police Stations/ Police and military Outposts, Government Departments, offices of Public Sector Units, Petrol Pumps and other similar secure locations.
- As it may entail larger volume of cash requirements, Banks may enhance the limits of the micro ATMs to at least 50,000 and allow frequent replenishment of cash to them.
e) Mobile Vans
For providing exchange / deposit/ withdrawal facility to people residing in remote/ unbanked areas, banks may consider using mobile vans.
As per RBI, Banks should, in a camp mode, open accounts for Tea/coffee and other plantation workers, employees of Sugar cooperatives, dairy farms and such other worker groups with concentrated payment locations so that they may be better served in terms of deposit into accounts and withdrawal therefrom.
g) Hiring retired employees
We reiterate that in order to cope with the increased work load banks may consider hiring retired employees for a short period.
RBI Monitoring [N/N RBI/2016-17/131 dtd 14-11-2016]
- Banks have to ensure that the customers use separate pay-in-slips for depositing specified bank notes and other legal tender bank notes.
- (If a depositor has a mixed bunch of SBN and legal tender notes, he has to segregate them and submit two separate Pay-in slips).
- Banks have to put in place, within CBS, a mechanism to maintain a record of receipts of SBNs customer-wise and denomination wise whether for exchange or for deposit by way of a flag to facilitate subsequent verification.
Applicability of the Scheme to DCCBs
[RBI/2016-17/130 dtd. 14-11-2016]
- District Central Cooperative Banks can allow their existing customers to withdraw money from their accounts upto ` 24,000/- per week up to November 24, 2016.
- However no exchange facility against the specified bank notes (` 500/- and ` 1000/-) or deposit of such notes should be entertained by them.
- All banks are advised to permit withdrawal of cash by DCCBs from their accounts based on need.
- The cash withdrawal limit of ` 24,000/- per week is not applicable to withdrawal of cash by a DCCB from its account with any other bank.
- As per Press Release, dtd. 14-11-2016, The cash withdrawal limits for Banks will apply in case of DCCBs also.
- As per Press Release of RBI dated 14-11-2016 also, , no exchange facility against the specified bank notes or deposit of such notes should be entertained by DCCBs.
Complaint against not accepting cheques etc[Press Release 13-11-2016]
- It has been reported that certain business houses viz. Hospitals , Caterers , Tent houses etc. are not accepting Cheques/Demand Drafts and online payment transfer from customers.
- It is advised that in such cases customer can make a complaint to the concerned District Magistrates/District Administration for action against such establishments.
Status of Transactions up to 12 November
A total of over 7 crore transactions have taken place from 9th November upto mid-day of 12th November (i.e. in the last two and a half days) for deposit, exchange of old notes and withdrawal from ATM and over the counter. Old notes of Rs.500 and 1000 denominations amounting to about Rs. 2 lakh crores have been deposited to banks.
Attorney General before Supreme Court on 15-11-2016
- 25 lakh crores deposited in Banks.
- Centre estimates black money size to be Rs. 15-16 lakh crores.
- People are expected to deposit 10-11 crores in banks
- Rest 4-5 lakh crores was being used in N-E states and J&K to promote terrorism
Reasons for not calibrating ATMs or printing notes in advance.-MukulRohatgi [Attorney General]
- “If I had calibrated ATM machines or printed the new notes in advance, the cat would have been out of the bag…
- …People are also intelligent and are finding new ways to convert old notes. Some booked first class air tickets and later cancelled them. So we had to plug that loophole.”
Examining the Issue of Reciept and Transfer of Demonitized Notes after 08-11-2016
Rs. 500/- and 1000/- note has been demonetized u/s 26(2) of RBI Act vide Notification No. 3407 dated 08-11-2016
Section 26(1) awards legal tender status and government guarantee to bank notes
- (1) Subject to the provisions of sub-section (2),
- every bank note shall be legal tender
- at any place in India
- in payment or
- on account for the amount expressed therein,
- and shall be guaranteed by the Central Government.
Section 26(2) deals with Cessation of legal tender status of bank notes[S.26(2)]
- On recommendation of the Central Board
- the Central Government may,
- by notification in the Gazette of India,
- declare that, with effect from such date as may be specified in the notification,
- any series of bank notes
- of any denomination shall cease to be legal tender
- save at such office or agency of the Bank
- and to such extent as may be specified in the notification.
High Denomination notes were demonetized in 1978 also vide High Denomination Bank Notes (Demonetisation) Act, 1978 .
Important Extracts of the 1978 Act are as under:
- high denomination bank note” means a bank note of the denominational value of one thousand rupees, five thousand rupees or ten thousand rupees, issued by the Reserve Bank;
- Came into force on the 16th day of January, 1978
- High denomination bank notes to cease to be legal tender.
- On the expiry of the 16th day of January, 1978 , all high denomination bank notes shall, notwithstanding anything contained in section 26 of the Reserve Bank of India Act, 1934 , (2 of 1934 ) cease to be legal tender in payment or on account at any place.
Prohibition of Transfer and Reciept of Bank Notes [Para 4 of 1978 Act]
Save as provided by or under this Act, no person shall, after the 16th day of January, 1978 ,transfer to the possession of another person or receive into his possession from another person any high denomination bank- note.
Transfer and Receipt of Rs. 500/- and 1000/- bank notes [Specified bank notes] after 08-11-2016
- Legal Tender status has been ceased by Central Government vide N/N 3407 dated 08-11-2016, which has been notified u/s 26(2) of RBI Act.
- While section 26(1) provides legal tender status to bank note as well as guarantee by Central government, section 26(2) of RBI Act authorizes cessation of legal tender status to the extent specified in notification
- N/N 3407 which ceases legal tender of specified bank notes has stopped legal tender status for specified purposes which does not include transfer and receipt of specified bank notes., which was done by 1978 Act.
- Hence the present spate of notification do not restrict transfer and receipt of specified bank notes.
- Hence since specified bank notes can be converted into legal tender or credited in accounts till 30th December and till 31st March at the offices of RBI, no embargo on transaction for all practical and legal purposes appears to have been placed.
Legal Validity of Notification No. 3407-Only series of bank notes can be stopped
- Section 26 of RBI Act authorizes central government to declare cessation of legal tender status of series of bank notes and not discontinuance of bank notes.
- What has been actually been stopped is not just series of bank notes but complete denomination of specified bank notes.
Dicontinuance vs. Cessation of legal tender
- Discontinuance of specified denomination of bank notes can be resorted to only vide section 24(2).
- If it had been case of discontinuance u/s 24(2), then definitely it transfer and receipt could not have been made. But then exchange and conversion might also not be possible unlike section 26(2) which permits that specified bank notes can be transacted at specified agencies and offices of RBI.
- It there fore means that what has been perceived and implemented by the government can neither be done under 26(2) nor section 24(2).
- In this context special Act on the lines of High Denomination Bank Notes (Demonetisation) Act, 1978, which over rided section 26 of RBI Act, should have been brought.
Legal Tender Meaning
- Meaning of Legal Tender is “Coins or banknotes that must be accepted if offered in payment of a debt.”
- So, legal tender means that if payment in legal tender Indian Currency is made, it has to be accepted or its tender (verb i.e. to offer formally) can be legally enforced.
- But, if some one accepts that same insipite of its not being legal tender, law does not envisage any prohibitory or punitive action on its part.
- Had it been other wise, barter trade could not have been possible. Today barter is prevelant amongst countries, states and there are website to facilitate the same.
- GST in the definition of supply also includes “Barter”
- Hence cessation of legal tender status of 1000/- and 500/- rupees bank note does mean that this currency can not be accepted though it is not obligatory to accept the same.
- However, if accepted it can be deposited till 30th December with Banks and till 31st March with RBI.
- So, the people should not stop billing and stop their businesses because of current demonetization move
On the basis of discussion here in above, it is opinion of the author that public at large should not stop their business only because legal tender status of specified bank notes [500/- and 1000/-] has been put to an end. These bank notes have not been prohibited for being received and transferred after 08-11-2016 also and can be used till they can be deposited by the business community up to 30th December or the date as may be fixed for acceptance at offices of RBI.
(Author :CA Vinamar Gupta, 53-E, Dayanand Nagar-II, Lawrence Road, Amritsar, Mob: 9356048001, email@example.com)