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of <h1>CBDT Clarifies Seizure of Old Rs. 500 and Rs. 1000 Notes Under Sections 132(1) and 132A Post-Demonetization</h1> The Central Board of Direct Taxes (CBDT) issued a clarification regarding the seizure of Old High Denomination Bank Notes (OHDBNs) of Rs. 500 and Rs. 1000 under the Income-tax Act, 1961. Following the demonetization notification on November 8, 2016, these notes ceased to be legal tender from November 9, 2016. The clarification addresses concerns about the seizure of such notes during searches or requisitions under sections 132(1) and 132A of the Act. The notification allows for the exchange or deposit of these notes until December 30, 2016, with provisions for further opportunities through the Reserve Bank if needed.
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