The Government of India notified the Specified bank Notes (Cessation of Liabilities) Act, 2017 in the Public interest for the cessation of liabilities on the specified bank notes and the matters connected therewith or incidental thereto.
The main Objectives of the act are as under-
- To provide clarity and finality to the liability of the Reserve bank of India and the government of India for the specified bank Notes.
- To provide an opportunity to those persons who were unable to deposit the specified Bank Notes within the time period provided.
- To declare holding, transferring or, receiving Specified Bank Notes as illegal , with provisions for penalty for contravention of any of the provisions of the act.