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of <h1>India Ends Liability for Demonetized 500 and 1,000 Rupee Notes; Penalties for Unauthorized Handling Enforced.</h1> The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, issued by the President of India, addresses the cessation of liabilities concerning the demonetized 500 and 1,000 rupee notes. Effective from December 31, 2016, these notes are no longer legal tender and cease to be liabilities of the Reserve Bank of India and the Central Government. The ordinance outlines procedures for exchanging these notes within a specified grace period and imposes penalties for false declarations or unauthorized holding, transferring, or receiving of the notes. It also provides for legal protections for actions taken in good faith and allows the Central Government to make rules and remove difficulties related to the ordinance.
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