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<h1>New Law Fines Possession of Over 10 Demonetized Notes; False Declarations Abroad Face Rs. 50,000 Penalty.</h1> The government has enacted the Specified Bank Notes (Cessation of Liabilities) Act, 2017, penalizing possession of more than 10 demonetized Rs. 500 and Rs. 1,000 notes with a minimum fine of Rs. 10,000. Passed by Parliament and signed by the President, the law aims to prevent a parallel economy using these notes. It imposes a minimum fine of Rs. 50,000 for false declarations by individuals abroad during the demonetization period. The Act also terminates the Reserve Bank and government's liability on these notes and empowers courts to impose penalties on violations, prohibiting their holding, transfer, or receipt after December 31, 2016.