https://www.taxtmi.com/article/detailed?id=7090 A government notification declared that specified high-denomination bank notes "shall cease to be legal tender with effect from" a stated date "to the extent specified below," while the notification itself sets out banking return, remittance and exchange procedures but does not define the operative limits. A separate notification preserves legal tender for certain transactions for a short interim period. The omission of a definition of the phrase "to the extent specified below" creates an interpretive ambiguity as to which payments remained lawful after the effective date, prompting the view that the notes cannot be read as conclusively ceased to be legal tender until clarified. en-us Fri, 18 Nov 2016 09:04:30 +0530 Fri, 18 Nov 2016 09:04:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=7090 A government notification declared that specified high-denomination bank notes "shall cease to be legal tender with effect from" a stated date "to the extent specified below," while the notification itself sets out banking return, remittance and exchange procedures but does not define the operative limits. A separate notification preserves legal tender for certain transactions for a short interim period. The omission of a definition of the phrase "to the extent specified below" creates an interpretive ambiguity as to which payments remained lawful after the effective date, prompting the view that the notes cannot be read as conclusively ceased to be legal tender until clarified. Articles Corporate Laws / IBC / SEBI Fri, 18 Nov 2016 09:04:30 +0530 https://www.taxtmi.com/article/detailed?id=7090