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		<title>Valid Transactions with Bank Note Rs 500 and Rs 1000 w.e.f 09.11.2016 Notified</title>
		<link>https://www.taxheal.com/valid-transactions-with-bank-note-rs-500-and-rs-1000-w-e-f-09-11-2016-notified.html</link>
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		<dc:creator><![CDATA[CA Satbir Singh]]></dc:creator>
		<pubDate>Wed, 09 Nov 2016 00:42:49 +0000</pubDate>
				<category><![CDATA[Notifications]]></category>
		<category><![CDATA[Bank Note Valid transactions]]></category>
		<category><![CDATA[Rs 1000 Note valid transactions]]></category>
		<category><![CDATA[Rs 500 Note valid transactions]]></category>
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					<description><![CDATA[<p>MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 8th November, 2016 S.O. 3408(E).—Whereas, by the notification of the Government of India in the Ministry of Finance, vide F. No. 10/3/2016-Cy.I dated 8th November, 2016 published in the Gazette of India, Extraordinary, Part II,Section 3, Sub-section (ii), dated the 8th November, 2016, the… <span class="read-more"><a href="https://www.taxheal.com/valid-transactions-with-bank-note-rs-500-and-rs-1000-w-e-f-09-11-2016-notified.html">Read More &#187;</a></span></p>
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										<content:encoded><![CDATA[<div style="text-align: center;">MINISTRY OF FINANCE<br />
(Department of Economic Affairs)<br />
NOTIFICATION<br />
New Delhi, the 8th November, 2016</div>
<div>S.O. 3408(E).—Whereas, by the notification of the Government of India in the Ministry of Finance,<br />
vide F. No. 10/3/2016-Cy.I dated 8th November, 2016 published in the Gazette of India, Extraordinary, Part II,Section 3, Sub-section (ii), dated the 8th November, 2016, the Central Government declared that the bank notes of existing series of denomination of the value of five hundred rupees and one thousand rupees(hereinafter referred to as the specified bank notes), shall cease to be legal tender on and from the<br />
9th November, 2016;</div>
<div></div>
<div>And whereas, it has become necessary to notify certain exemptions for the convenience of the<br />
members of public in carrying out certain emergent and urgent transactions using the specified bank notes;</div>
<div>Now, therefore, in exercise of the powers conferred by sub-section (2) of section 26 of the Reserve<br />
Bank of India Act, 1934 (2 of 1934), the Central Government hereby declares that the specified bank notes shall not be ceased to be legal tender, with effect from the 9th November, 2016 until the 11th November, 2016, to the extent of transactions specified below, namely:—</div>
<div></div>
<div style="padding-left: 30px;">(a) for making payments in Government hospitals for medical treatment and pharmacies in Government hospitals for buying medicines with doctor&#8217;s prescription;</div>
<div style="padding-left: 30px;">(b) at railway ticketing counters, ticket counters of Government or Public Sector Undertakings buses and airline ticketing counters at airports for purchase of tickets;</div>
<div style="padding-left: 30px;">(c) for purchases at consumer cooperative stores operated under authorisation of Central or State<br />
Governments;</div>
<div style="padding-left: 30px;">(d) for purchase at milk booths operating under authorisation of the Central or State Governments;</div>
<div style="padding-left: 30px;">(e) for purchase of petrol, diesel and gas at the stations operating under the authorisation of Public Sector Oil Marketing Companies;</div>
<div style="padding-left: 30px;">(f) for payments at crematoria and burial grounds;</div>
<div style="padding-left: 30px;"></div>
<div style="padding-left: 30px;">(g) at international airports, for arriving and departing passengers, who possess specified bank notes, the  value of which does not exceed five thousand rupees to exchange them for notes having legal tender character;</div>
<div style="padding-left: 30px;">(h) for foreign tourists to exchange foreign currency or specified bank notes, the value of which does not exceed five thousand rupees to exchange them for notes having legal tender character.</div>
<div style="padding-left: 30px;"></div>
<div>2. All establishments referred to in paragraph 1, shall maintain complete account of record of stock and<br />
sale of transactions made with the specified bank notes during the period between 9th November, 2016 and 11th November, 2016.</div>
<div style="text-align: right;">[F. No. 10/03/2016-Cy. I]<br />
Dr. SAURABH GARG, Jt. Secy.</div>
<div></div>
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