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High Denomination Bank Notes (Demonetisation) Act, 1978 Complete Act

Title: High Denomination Bank Notes (Demonetisation) Act, 1978

State: Central

Year: 1978

Preamble1 - HIGH DENOMINATION BANK NOTES (DEMONETISATION) ACT, 1978 Section1 - Short title, extend and commencement Section2 - Definitions Section3 - High denomination bank notes to cease to be legal tender Section4 - Prohibition of transfer and receipt of high denomination bank notes Section5 - Declaration of high denomination bank notes by bank notes and Government treasuries Section6 - Exchange of high denomination bank notes held by banks and Government treasuries Section7 - Exchange of high denomination bank notes held by other persons Section8 - Exchange of notes after the time limit specified in section 7 Section9 - Closing of banks and Government treasuries Section10 - Penalties Section11 - Special provisions relating to offences Section12 - Protection of action taken in good faith Section13 - Removal of difficulties Section14 - Power to make rules Section15 - Repeal and saving ScheduleI - FORM OF DECLARATION

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 7

Title: Exchange of High Denomination Bank Notes Held by Other Persons

State: Central

Year: 1978

.....officer thereof; and (f) where the high denomination bank note is owned by any other person, by that person or by some person competent to act on his behalf; and within the time and in the manner provided in this section. (2) Every person desiring to tender for exchange a high denomination bank note under this section shall prepare in the form set out in the Schedule three copies of a declaration signed by him giving in full the particulars required by that form and shall, not later than the 19th day of January, 1978, deliver such copies in person together with the high denomination bank notes he desires to exchange- (a) to either of the offices of the Reserve Bank at Bombay or to the sub-office, office or branch, as the case may be, of that bank at Ahmedabad, Bangalore, Bhubaneshwar, Calcutta, Gauhati, Hyderabad, Jaipur, Kanpur, Madras, Nagpur, New Delhi and Patna; or (b) to the main office or branch of the State Bank at the head-quarters of a district; or (c) to any other office of a public sector bank notified in this behalf by the Reserve Bank: Provided that if such person resides in a place not within convenient reach of any such office or branch, or.....

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 5

Title: Declaration of High Denomination Bank Notes by Bank Notes and Government Treasuries

State: Central

Year: 1978

.....for forwarding to the Reserve Bank to the Manager of the sub-office, office or branch of the Reserve Bank at the places specified under sub-section 92) of section 7, or to the District Magistrate, or to the Sub-divisional Magistrate or, if such Manager or Magistrate is not available, to the senior-most Revenue or Police Officer available not later than 3.00 P.M.on the 17th day of January, 1976: Provided that if it is not feasible to present the return to any such person as aforesaid, it may be presented by handing two copies thereof not later than 3.00 P.M.on the 17th day of January, 1978 to a telegraph office, one copy for despatch by express telegram to the Reserve Bank at Bombay at the expense of the bank or the Government treasury, as the case may be, and the other copy for return to the person presenting it in the manner provided in sub-section (4), and by despatching the third copy required by sub-section (2( by registered post on the same day to the Reserve Bank at Bombay. (4) The officer to whom the return is presented shall give back to the person presenting it one copy thereof under his signature and seal of office in acknowledgement of receipt on which.....

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 6

Title: Exchange of High Denomination Bank Notes Held by Banks and Government Treasuries

State: Central

Year: 1978

.....equivalent amount in exchange for the high denomination bank notes declared by it in the return referred to in section 5 in bank notes or by credit to Government account. (4) Notwithstanding anything contained in sub-sections (1), (2) and (3), where the return referred to in section 5 is presented in the manner provided in the proviso to sub-section (3) of that section, the exchange referred to in this section may be effected only by the Reserve Bank at Bombay. (5) Every application for the exchange of high denomination bank notes under this section shall be accompanied by the copy of the return received under sub-section (4) of section 5 which contains the distinctive numbers of such bank notes.

High Denomination Bank Notes (Demonetisation) Act, 1978 Preamble 1

Title: High Denomination Bank Notes (Demonetisation) Act, 1978

State: Central

Year: 1978

THE HIGH DENOMINATION BANK NOTES (DEMONETISATION) ACT, 1978 [Act, No. 11 of 1978] [30th March 1978] PREAMBLE An Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto. WHEREAS the availability of high denomination bank notes facilitates the illicit transfer of money for financing transactions which are harmful to the national economy or which are for illegal purposes and it is therefore necessary in the public interest to demonetise high denomination bank notes; BE it enacted by Parliament in the Twenty-ninth Year of the Republic of India as follows:-

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 3

Title: High Denomination Bank Notes to Cease to Be Legal Tender

State: Central

Year: 1978

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.

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 4

Title: Prohibition of Transfer and Receipt of High Denomination Bank Notes

State: Central

Year: 1978

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.

High Denomination Bank Notes (Demonetisation) Act, 1978 Complete Act

State: Central

Year: 1978

.....Second Schedule to the Reserve Bank of India Act, 1934-; . (h) "State Bank" means the State Bank of India constituted under the State Bank of India Act, 1955-. SECTION 03: 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-, cease to be legal tender in payment or on account at any place. SECTION 04: PROHIBITION OF TRANSFER AND RECEIPT OF HIGH DENOMINATION BANK NOTES Save as provided by or under this Act, no person shall, after the 16th of January, 1978, transfer to the possession of another person or receive Into his possession from another person any high denomination bank note. SECTION 05: DECLARATION OF HIGH DENOMINATION BANK NOTES BY BANKS AND GOVERNMENT TREASURIES (1) Every bank and Government treasury shall prepare and send to the Reserve Bank in the manner provided in this section a return showing separately under each denominational value the total value of high denomination bank notes of that value held by it at the close of business on the 16th day of January, 1978 and the distinctive.....

High Denomination Bank Notes (Demonetisation) (Removal of Difficulties) Order, 1978 Complete Act

State: Central

Year: 1978

.....following order, namely:- Order 01 (1) This order may be called the High Denomination Bank Notes (Demonetisation) (Removal of Difficulties) Order, 1978. (2) It shall come into force at once. ORDER 02 If any person desiring to tender for exchange a high denomination bank note under sub-section (1) of Section 8 of the High Denomination Bank Notes (Demonetisation) Ordinance, 1978(1 of 1978)-, resides in a place not within convenient reach of any sub-office, office or branch of the Reserve Bank at the places specified in clause (a) of sub-section (2) of Section 7 of the said Ordinance, or if, reason of age, infirmity or illness, he is unable to attend thereat, he may forward the high denomination bank notes he desires to exchange together with three copies of the declaration required under the said Section 7by insured post to the Reserve Bank at Bombay not later than the 24th day of January, 1978, along with a statement explaining the reasons for his failure to apply within the time provided in the said Section 7- Central Bare Acts

High Denomination Bank Notes (Demonetisation) Act, 1978 Section 2

Title: Definitions

State: Central

Year: 1978

.....3 of the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 (5 of 1970.); (v) a regional rural bank established under sub-section (1) of section 3 of the Regional Rural Banks Act, 1976; (21 of 1976.) (vi) a co-operative bank as defined in section 2 of the Reserve Bank of India Act, 1934, (2 of 1934.) (b) "bank notes" means the bank notes issued by the Reserve Bank of India under section 22 of the Reserve Bank of India Act, 1934; (2 of 1934.) (c) "distinctive number" in relation to a high denomination bank note means the number including the alphabetical and numerical prefixes appearing on the face of the note; (d) "high denomination bank note" means a bank note of the denominational value of one thousand rupees, five thousand rupees or ten thousand rupees,1[issue by the Reserve Bank immediately before the commencement of this Act] (e) "public sector bank" means a bank referred to in sub-clause (ii), (iii) or (iv) of clause (a); (f) "Reserve Bank" means the Reserve Bank of India constituted under the Reserve Bank of India Act, 1934; (2 of 1934.) (g) "scheduled bank" means a public sector bank or any other bank, being a bank included in the.....