The Specified Bank Notes (Cessation of Liabilities) Bill, 2017 was introduced in the Lok Sabha.This bill provides for holding, transfer and receiving of old Rs 500 and uline{1cm} currency notes.

2017

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

The Specified Bank Notes (Cessation of Liabilities) Bill, 2017 was introduced in the Lok Sabha.This bill provides for holding, transfer and receiving of old Rs 500 and _________ currency notes.

A	Rs 200
B	Rs 100
C	Rs 2000
D	Rs 1000

Explanation:

Detailed explanation-1: -The Bill provides that the specified bank notes (old Rs 500 and Rs 1, 000) will cease to be liabilities of the Reserve Bank of India (RBI) from December 31, 2016 onwards. Further, these notes will no longer be guaranteed by the central government.

Detailed explanation-2: -The Act repealed the Specified Banknotes (Cessation of liabilities) Ordinance 2016 providing for cessation of liabilities for the Specified Banknotes (SBNs) and for matters connected therewith and incidental thereto, with effect from December 31, 2016.

Detailed explanation-3: -Aims to prohibit the holding, transferring or receiving of scrapped old Rs. 500 and Rs. 1000 currency notes from 31 December, 2016.

Detailed explanation-4: -Section 26(2) of Reserve Bank of India Act allows central govt to declare any series of bank notes of any denomination illegal tender after a recommendation from central board of RBI.

There is 1 question to complete.