As per the address by the Honorable Prime Minister Mr. Narendra Modi made on 8th November. The notes of Rs 500 and Rs 1000 is no longer a legal tender. Instead, notes of Rs 2000 and a newly designed Rs 500 is introduced. Finance Minister Arun Jaitley introduced a bill on demonetisation — The Specified Bank Notes (Cessation of Liabilities) Bill 2017 — in Lok Sabha on Friday amid protests by Trinamool Congress MPs.
The Specified Bank Notes (Cessation of Liabilities) Bill 2017 bill aims at replacing the note ban ordinance that ends the liability of the government and the RBI on high-value notes demonetised in November last year. According to the bill holding, receiving and transfer of old currency of 500 and 1000 will be a criminal act and be penalised with a minimum fine of Rs. 10,000.
The note ban ordinance was approved by the Honourable President Pranab Mukherjee on December 30. Any ordinance passed by a government must be replaced by a bill within 42 days of the commencement of a session or it will lapse.
The opposition termed the bill as “illegal” and “anti-national”. In response, Jaitley questioned the member’s right to oppose the bill and said: “His objection is something other than legislative competence. His objection is this is not a good bill.” The Bill was opposed by Trinamool Congress but the Opposition was overruled by the chair.