Specified Notes Confiscated on or before 30.12.2016 can be deposited in any of the RBI branches: Govt notifies Rules

The Department of Economic Affairs recently notified rules regarding deposit of Rs. 1000 and Rs. 500 Currency Notes confiscated on or before 30.12.2016.

As per the new Rules, Where specified bank notes have been confiscated or seized by a law enforcement agencies or produced before a court on or before 30.12.2016, such specified bank notes may be tendered, at any office of the Reserve Bank of India specified under section 4(1) of the Act or a nationalized bank designated by the Reserve Bank for the said purpose.

However, this is subject to the following conditions,

  1. in case confiscated specified bank notes are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which—(i) have been noted by the law enforcement agency which confiscated or produced them before the court; and (ii) are mentioned in the direction of the court;
  2. in case specified bank notes are forfeited in favour of the Central Government or the State Government by an order of the court, then, that Government shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes; or (c) in case specified bank notes are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such specified bank notes, the serial numbers of which— (i) have been noted by the law enforcement agency which confiscated or produced them before the court; and (ii) are mentioned in the direction of the court.

The Notification also clarified that, rules shall not apply to specified bank notes confiscated or seized after the 30th day of December, 2016.

The rule came into force on yesterday.

Read the full text of the Notification below.

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