Question: When did the President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016?
(a) 31 December 2016
(b) 30 December 2016
(c) 28 December 2016
(d) 26 December 2016
Ans:(b)
Related facts:
- On 30 December 2016; President of India has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016.
- As per the ordinance, a person holding more than 10 old notes after the grace period will face a penalty of Rs. 10,000, or five times the amount in excess of the allowance.
- The main objectives of the Ordinance are :
(i) to provide clarity and finality to the liability of the Reserve Bank of India and the Government of India for the SBNs;
(ii) to provide an opportunity to those persons who were unable to deposit the SBNs within the time provided; and
(iii) To declare holding, transferring or receiving SBNs as illegal, with provisions for penalty for contravention of any of the provisions of the Ordinance.
Reference:
http://pib.nic.in/newsite/PrintRelease.aspx?relid=156025