Judgment Search Results Home > Cases Phrase: high denomination bank notes demonetisation act 1978 section 5 declaration of high denomination bank notes by bank notes and government treasuries Page 1 of about 6 results (0.145 seconds)

Bimladevi Vs. Union of India and anr.

Court : Delhi

Reported in : AIR1983Delhi189

..... bank or government treasury may be exchanged after the 16th day of january, 1978, only on tender of the note : (a) where the high denomination bank note is owned by an individual, by the individual himself, or where the individual is absent from india, by the individual concerned or some person duly authorised by him in this behalf; or where the individual is mentally incapacitated from attending to his affairs, by his guardian or by any other person competent to act on his behalf : and within the time and in the manner provided in this section. ..... if the currency officer was not satisfied with the correctness of the declaration then the only jurisdiction which he had was to refer the matter under sub-section (5) of section 7 of the demonetisation act to the central government. ..... section 8 of the demonetisation act requires the declarant to state the reasons as to why the declaration could not be filed within the stipulated period, namely, before 19th january, 1978 ..... coming to the conclusion that the explanationn of the petitioner under section 8 of the demonetisation act for latc filing of the declaration was not acceptable. ..... not for the authorities under the demonetisation act to go into the sources from where the notes were acquired, but the authorities are entitled to know and to satisfy themselves as to whether the declarant was a person who held those notes on the date when the ordinance was promulgated or whether those note had come into his possession after 16th january, 1978. .....

Jayantilal Ratanchand Shah, Devkumar Gopaldas Aggarwal and Others Vs. ...

Court : Supreme Court of India

Reported in : AIR1997SC370; [1998]91CompCas117(SC); (1997)3GLR2525; JT1996(7)SC681; 1996(5)SCALE741; (1996)9SCC650; [1996]Supp4SCR443; 1996(2)LC621(SC)

..... section 4 which prohibits transfer and receipt of high denomination bank notes reads as follows :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 7 and 8 of the demonetisation act, around which a large part of the arguments of the petitioners revolves, reads as under :section ..... by other persons :(1) notwithstanding anything to the contrary contained in the reserve bank of india act 1934 any high denomination bank note owned by a person other than a bank or government treasury may by exchanged after the 16th day of january, 1978, only on tender of the note- (a) where the high denomination bank note is owned by an individual, by the individual himself; or where the individual is absent from india, by the individual concerned or some person duly authorised by him in this behalf; or where the individual is ..... appears that the declaration has not been complete in all material particulars, the reserve bank, the state bank or any bank notified under clauses (c) of sub-section (2) as the case may be, to which an application for exchange of high denomination bank notes is made under this section, shall pay the exchange value of the said notes for credit to a properly introduced account of the owner or the declarant, as the case may be, with any scheduled bank.provided that if the owner or declarant, as the case .....

Somi Horam Tongkhul Naga Vs. Union of India (Uoi) and ors.

Court : Guwahati

..... this application under article 226 of the constitution of india impugns the order dated 7-2-80 passed by the additional secretary to the government of india, ministry of finance, department of economic affairs (banking division), rejecting petitioner's appeal under section 8 (3) of the high denomination bank notes (demonetisation) act, 1978, against the order no. ..... section 5 provides for declaration of high denomination bank notes by banks and government treasuries; and sec. ..... 6 provides for exchange of high denomination bank notes held by banks and government treasuries; while section 7 provides for exchange of high denomination bank notes hold by other person after the 16th january, 1978, only on tender of the notes as prescribed. 10. ..... sub-section (2) of section 7 provides that every person desiring to tender for exchange a high denomination bank note under the 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 19th 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 .....

Bimla Devi Vs. Union of India and Another

Court : Delhi

Reported in : [1985]58CompCas361(Delhi); 1983(4)DRJ236

..... - (1) notwithstanding anything to the contrary contained in the reserve bank of india act, 1934, any high denomination banknote owned by a person other than a bank or government treasury may be exchanged after the 16th day of january, 1978, only on tender of the note - (a) where the high denomination banknote is owned by an individual, by the individual himself; or where the individual is absent from india, by the individual concerned or some person duly authorised by him in this behalf; or where the individual is mentally incapacitated from attending to ..... section, shall pay the exchange value of the said notes for credit to a properly introduced account of the owner or the declarant, as the case may be, with any scheduled bank : provided that if the owner or declarant, as the case may be, does not have a bank account, the exchange value of the said notes shall be paid only on proper identification and until payment is so made, the amount shall remain in the custody of the reserve bank or the bank, as the case may be, to which the high denomination bank notes ..... 3 and 4 of the demonetisation act, a holder of high denomination banknotes could have insisted upon the reserve bank exchanging the said high denomination notes for other currency notes as provided by ..... to 1012 of 1980 and 1141 and 1669 of 1979 wherein the validity of some of the provisions of the high denomination banknotes (demonetisation) act, 1978 (hereinafter referred to as 'the demonetisation act'), has been challenged .....

Vivek Narayan Sharma Vs. Union Of India

Court : Supreme Court of India

..... the non obstante clause found a place in section 3 of the ordinance of 1946 as well as in section 3 of the 1978 act, would clearly indicate that the central government, in those cases, did not demonetise the high denomination bank notes on the recommendation made by the central board of the bank under sub section (2) of section 26 of the act but on the other hand, the same ..... 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 banks for 42 a period up to and including the 30th december, 2016, subject to the following conditions, namely: (i) the specified bank notes of aggregate value of rs.4,000/ or below may be exchanged for any denomination of bank notes ..... act authorises it to carry on and transact businesses, as enlisted under section 17 of the act; confers under section 22, sole and exclusive right on the bank to issue bank notes in india, except in relation to notes of denomination, rs.1; recognises under section 26 (1) that every note issued by the bank shall be a legal tender; vests with the central board of the bank the power to recommend to the central government to declare any series of bank notes of any denomination, to cease to be legal tender, under section 26 (2) of the act; prohibits under section .....

J.M. D'souza Vs. the Reserve Bank of India

Court : Mumbai

Reported in : AIR1946Bom510; (1946)48BOMLR365

..... section 6 provides:-(1) notwithstanding anything to the contrary contained in the reserve bank of india act, 1954 (ii of 1934), any high denomination bank note held by a person other than a bank or government treasury shall after the 12th day of january 1946 be exchanged only on tender of the note for exchange by the owner thereof in the manner provided in this section.then sub-sections (2), (6), (7) and (8) provide for the manner in which high denomination bank notes can be exchanged in the reserve bank. ..... whatever name may be given to this transaction, the word ' exchange ' is used for it in section 39 of the act, in its ordinary meaning of ' giving and taking of one thing for another,' and the ordinance debars the owner or holder of high denomination bank notes from claiming such an exchange from the bank without giving the required declaration.21. ..... what the reserve bank is empowered to do by these sub-sections is to refuse to accept and exchange high denomination bank notes, unless they are accompanied by such declaration. mr. ..... coltman, the learned counsel for the reserve bank, that although by its demonetisation a high denomination bank note may have ceased to be legal tender in payment or on account, sub-section (2) of section 26 empowers the central government to declare that any series of bank notes of any denomination shall be ceased to be legal tender ' save at any office or agency of the bank. .....

Harprasad Ghashiram Gupta and anr. Vs. State

Court : Mumbai

Reported in : AIR1952Bom184; (1951)53BOMLR938; ILR1952Bom427

..... pursuance of sub-section (8) of section 7 of the high denomination bank notes (demonetisations) ordinance (no. ..... was issued in order to require banks and government treasuries of furnish information concerning bank notes of certain denominational values held by them. ..... the english law ought not to be applied rigidly to the construction of an indian statute unless there was a corresponding statute in eng-and, and pointed put that what they wore leading with was not the common law of england but she combined effect of sections 3 and 105, evidence act, where proof receives a statutory definition and where it is stated that a court shall presume the absence of ei roam stances bringing a case within the exceptions unless the ..... issued by mauntbatten of burma, governor-general, in exercise of the powers conferred upon the 'governor general, by sub-section (2) of section 17, government of india act, 1935, as adapted by the india (provisional constitution) order, 1947. ..... -- in exercise of the powers conferred by sub-section (3) of section 17, government- of india act, 1935, as adapted by she india (provisional constitution ..... not guilty associates in the crime of making a false declaration under section 7 of ordinance iii of 1946 and did not sustain such a relation to the criminal act of making a false declaration that they could be jointly indicted with the accused. ..... 591 that the provisions of section 40, sub section (1), government of india act, 1936, 9th schedule, were not mandatory, but were .....

P.B. Pedi Trust and ors. Vs. Union of India (Uoi) and ors.

Court : Gujarat

Reported in : [2001]103CompCas249(Guj); (1998)1GLR240

..... constitutional validity of the high denominatipn bank notes (demonetisation) act, 1978 (hereinafter referred to as the act) and the scope and ambit of sections 7 and 8 of the act were considered by a constitution bench of the apex court in the case of jayantilal r. ..... sub-section (4) of section 7 provides that unless it appears that the declaration has not been complete in all material particulars, the batik, to which an application for exchange of high denomination bank notes is made, shall pay the exchange value of the said notes to the owner or the declarant. ..... .from a combined reading of sections 7 and 8 it is evidently clear that on furnishing a declaration complete in all particulars in accordance with sub-section (2) of section 7 by january 19, 1978, the holder was entitled to get the exchange value of his notes from the bank without any let or hindrance; thereafter, till january 24, 1978, he was also entitled to such exchange from the bank if he could satisfactorily explain the reasons for his inability to apply by january 19, 1978 and after that date the central government was empowered to extend the period of such exchange. ..... offerings put in the boxremained in it till it was opened on january 19,1978 when the government promulgated highdenomination bank notes (demonetisation)ordinance 1978 (hereinafter referred to as theordinance), which came into force on january16, 1978. .....

Narendra G. Goradia (Huf) Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1998]234ITR571(Bom)

..... the assessee explained that the notes formed part of its cash balances, including the cash balance in the almirah account, which, on january 12, 1946, the date on which the high denomination bank notes (demonetisation) ordinance,1946, was promulgated, were rs. ..... in the previous year relevant to the assessment year 1979-80, on demonetisation of the high denomination notes by the demonetisation ordinance, 1978, the assessee tendered rs. ..... it appears from the order of the tribunal that the tribunal itself was conscious of the fact that once the cash balance on the crucial date was sufficient to cover the value of high denomination notes tendered by the assessee for encashment on demonetisation, no further enquiry was required about the source of high denomination notes. ..... our attention was drawn by learned counsel to the fact that the income-tax authorities had examined even the cash flow of the assessee from october 1, 1977, to january 19, 1978, the date when the high denomination notes were tendered for encashment, which showed that the cashbalance in the hands of the assesses during this period fluctuated from rs. ..... 1,64,000 as unexplained and added the same as income from undisclosed sources under section 68 of the income-tax act, 1961 ('the act'). ..... 1,000 denomination during the period from august 1977, till january 19, 1978, when they were tendered for encashment. ..... 2 lakhs in such notes on january 19, 1978, for encashment. .....

Hansraj Moolji Vs. the State of Bombay

Court : Supreme Court of India

Reported in : AIR1957SC497; (1957)59BOMLR910; 1957CriLJ599; [1957]1SCR634

..... in the second schedule to the said order were contained several central ordinances enacted between 1940 and 1946 including the high denomination bank notes (demonetisation) ordinance, 1946 (ordinance no. ..... -two that the power of making ordinances thereunder is subject to the like restrictions as the power of the indian legislature to make laws - (a) ordinances may, during the said period, be made under that section affecting the army act, the air force act, or the navel discipline act; and (b) section one hundred and eleven of the government of india act, 1935 (which exempts certain british subjects from certain indian laws) shall not apply to any ordinance made under the said ..... the ordinance having continued in operation even after the declaration of the emergency having come to an end was made on april 1, 1946, the said notes continued to be ineffective as legal tender in india, though the position in jammu and kashmir in regard to the same could not be affected by reason of the reserve bank of india act, 1934, not having been made applicable to the state of jammu and kashmir as stated above. ..... (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.25. .....