Act 11 of 1978

The High Denomination Bank Notes (Demonetisation) Act, 1978

An Act to provide in the public interest for the demonetisation of certain high denomination bank notes and for matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 1978-03-30
  • 15 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 High denomination bank notes to cease to be legal tender. Read
4 Prohibition of transfer and receipt of high denomination bank notes. Read
5 Declaration of high denomination bank notes by banks and Government treasuries. Read
6 Exchange of high denomination bank notes held by banks and Government treasuries. Read
7 Exchange of high denomination bank notes held by other persons. Read
8 Exchange of notes after the time limit specified in section 7. Read
9 Closing of banks and Government treasuries. Read
10 Penalties. Read
11 Special provisions relating to offences. Read
12 Protection of action taken in good faith. Read
13 Removal of difficulties. Read
14 Power to make rules. Read
15 Repeal and saving. Read
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