Clause 1: Cessation of legal tender character of specified bank notes

1. Cessation of legal tender character of specified bank notes.—S.O. 3407(E).—Whereas, the Central Board of Directors of the Reserve Bank of India has recommended that bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees shall be ceased to be legal tender;

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Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve Bank of India Act, 1934 (2 of 1934), the Central Government hereby declares that the specified bank notes shall cease to be legal tender with effect from the 9th November, 2016 to the extent specified below, namely:—

1. [Every banking company and Government Treasury to return details of specified bank notes held at the close of business on 8 November 2016 and remit them to currency chests.]

2. [Exchange of specified bank notes at Reserve Bank offices and bank branches up to and including 30 December 2016, subject to the conditions specified, including the initial exchange cap of four thousand rupees and the withdrawal caps.]

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