Question: When was the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 passed?
(a) 5 February, 2017
(b) 6 February, 2017
(c) 7 February, 2017
(d) 8 February, 2017
Ans:(c)
Related facts:
- On 7 February 2017; Lok Sabha passed the Specified Bank Notes (Cessation of Liabilities) Bill, 2017.
- The bill will replace an ordinance promulgated on December 30 last year which provides for a fine of 10 thousand rupees or five times the cash held, whichever is higher, on holding of more than 10 banned notes.
- It shall be deemed to have come into force on the 31st day of December, 2016.
- The bill seeks to end the liability of RBI and the government on the currency notes demonetised in November 2016.
- The Specified Bank Notes (SBNs) were allowed to be exchanged for value at RBI Offices till December 30, 2016 and till November 25, 2016 at bank branches/Post Offices and deposited at any of the bank branches of commercial banks/Regional Rural Banks/Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office during the period from November 10, 2016 to December 30, 2016.
- The bill also provides that an Indian citizen, who was outside the country between November 9 and December 30, will be entitled to tender the demonetised notes within the specified period.
- With effect from January 2, 2017 Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto March 31, 2017 and Non Resident Indian citizens who were abroad during November 9, 2016 to December 30, 2016 can avail this facility upto June 30, 2017.
- Any person on the direction of a court in relation to any case pending in the court can held the SBN notes.
- Any person violating the above rules shall be punishable with fine which may extend to fifty thousand rupees or five times the amount of the face value of the specified bank notes tendered, whichever is higher.
- Any one notwithstanding anything contained in section 29 of the Code of Criminal Procedure, 1973, the court of a Magistrate of the First Class or the court of a Metropolitan Magistrate may impose a fine, for contravention of the provisions of this Act.
- No suit, prosecution or other legal proceeding shall lie against the Government, the Reserve Bank or any of their officers for anything done or intended to be done in good faith under this Act.
Reference:
http://www.business-standard.com/article/news-ani/lok-sabha-passes-specified-bank-notes-bill-117020701439_1.html
https://www.rbi.org.in/Scripts/FAQView.aspx?Id=122