Clarification regarding seizure of Old High Denomination (Rs. 500 and Rs. 1000) Bank Notes (OHDBNs) under the Income-tax Act, 1961

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....2016 To All the Principal CCsIT All the DsGIT(Inv.) Sub : Clarification regarding seizure of Old High Denomination (Rs. 500 and Rs. 1000) Bank Notes (OHDBNs) under the Income-tax Act, 1961 - reg. Madam/Sir, With a view to curbing fake Indian currency notes which are used for financing abversive activities such as drug trafficking and terrorism and for eliminating high denomination bank no....

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....f the said notification, more particularly the following extracts: ".... The central government hereby declares that the specified bank notes shall cease to be legal tender with effect from the 9th November, 2016 to the extent specified below..." " ... The specified bank notes held by a person .. may be exchanged ... for a period up to and including the 30th December 2016..." "... there sh....