Finance Minister Arun Jaitley Presents Demonetisation Bill in Lok Sabha

Posted on:04 Feb 2017 09:11:46
Finance Minister Arun Jaitley Presents Demonetisation Bill in Lok Sabha
04 February 2017 Current Affairs: The Specified Bank Notes (Cessation of Liabilities) Bill, 2017 was introduced in the Lok Sabha on February 3, 2017 by the Union Finance Minister Arun Jaitley.The Bill provides for holding, transfer and receiving of old Rs 500 and Rs 1000 currency notes, which were demonetized after November 8, 2016, as a criminal offence and punishable with a minimum fine of Rs 10,000.

It seeks to replace the ordinance on demonetization announced by the government in December 2016.

The Specified Bank Notes (Cessation of Liabilities) Bill will end the liability of RBI and the government on the demonetized currency notes.

The bill mentions that the demonetisation decision of the union government was based on the recommendations of the RBI’s central board as an effective measure to eliminate unaccounted money and fake currency notes from the financial system.

 

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