The Specified Bank Notes (Cessation of Liabilities) Act, 2017

The Specified Bank Notes (Cessation of Liabilities) Act, 2017 was passed on December 30, 2016, to address the issue of specified banknotes (Rs. 500 and Rs. 1000) that were demonetized by the Indian government on November 8, 2016. The Act ceased the liabilities of specified banknotes that were no longer legal tender, and provided for penalties for holding, transferring, or receiving specified banknotes after the specified period. The Act also provided for the issuance of new currency notes in place of the demonetized ones, and the deposit of the demonetized banknotes in designated offices of the Reserve Bank of India.