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The Modi-Fication of Money - The Law


Legal Tender character of notes of 1000 and 500 denomination

With respect to the notification issued by the Government of India declaring that 1000 and 500 rupee notes will no longer be legal tender from midnight, 8th November, 2016, what will be the situation in following hypothetical cases -

1.If Vigilance, CVC or CBI/ ACB today finds more than 5000/- from any government servant, all in High Denomination Notes (500 and 100 notes), which he / she has not declared in Cash Declaration Register, whether action can be taken against that government servant?

2.If CBI/ ACB today traps a government servant accepting High Denomination Notes (500 and 100 notes), whether it can be termed as a case of bribe and consequences thereof would follow?

Views expressed are personal.

Rameshchandra Kabra 09/11/2016

 

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