Section 3
High denomination bank notes to cease to be legal tender.
The High Denomination Bank Notes (Demonetisation) Act, 1978
About this Act
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.
On the expiry of the 16th day of
January, 1978, all high denomination bank notes shall, notwithstanding anything contained in section 26
of the Reserve Bank of India Act, 1934 (2 of 1934), cease to be legal tender in payment or on account at
any place.