The High Denomination Bank Notes (Demonetisation) Act, 1978

The High Denomination Bank Notes (Demonetisation) Act, 1978 is a law passed by the Parliament of India to regulate the withdrawal of high-value currency notes. The Act prohibits the use of certain high-value bank notes and provides for the exchange of such notes for lower denomination currency. It also imposes penalties for the possession and use of demonetized notes and empowers the government to make rules for the implementation of the Act.