Even as the political and financial implications of Prime Minister Modi’s surprise announcement that Rs 500 and Rs 1,000 notes will no longer be legal tender are being discussed threadbare, here is a brief summary of the laws and legal questions involved. 1. How was the change affected? As is the case with most deeply significant legal developments, through a notification published in the Indian Gazette on November 8, 2016. In fact, there are three notifications that have been issued: SO 3407(E) [pdf]: Fake currency notes being used for subversive activities High denomination notes are being used for storing unaccounted wealth […]
The post #Debriefed: The legal questions around the discontinuation of 500 & 1000 notes
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