Bombay HC Directs RBI to Accept ₹20 Lakh Demonetized Currency due to Seizure by Income Tax Department Prior to Bank Deposit Deadline [Read Order]

The ₹500 and ₹1,000 notes held by the Petitioner were seized during a raid conducted by the Income Tax Department on December 26, 2016, five days before the bank deposit deadline
By Avinash Kurungot - On March 11, 2025 5:37 pm - 2 mins read
demonetisation - RBI demonetized currency exchange - RBI Updates - taxscan

In a significant ruling, the Bombay High Court directed the Reserve Bank of India (RBI) to accept and exchange ₹20 lakh in demonetized currency notes held by a Kolhapur resident since their cash was seized by the Income Tax Department prior to the December 30, 2016 deadline for bank deposit of the now-demonetized ₹500 and…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader