Demonetization legal tender cessation: exchange window and bank credit rules raise questions about seizure of demonetized notes in tax searches. Cessation of legal tender for old high denomination bank notes from 9 November 2016 is coupled with an exchange or deposit facility up to 30 December 2016, permitting crediting of equivalent value to bank accounts without a specified limit and providing for further deposit facilities; the clarification examines whether demonetized notes continue to be seizable as valuables/assets during searches or requisitions under the Income-tax Act.
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Demonetization legal tender cessation: exchange window and bank credit rules raise questions about seizure of demonetized notes in tax searches.
Cessation of legal tender for old high denomination bank notes from 9 November 2016 is coupled with an exchange or deposit facility up to 30 December 2016, permitting crediting of equivalent value to bank accounts without a specified limit and providing for further deposit facilities; the clarification examines whether demonetized notes continue to be seizable as valuables/assets during searches or requisitions under the Income-tax Act.
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