Specified Bank Notes (Cessation of Liabilities) Removal of Difficulties Order, 2018

EXTRAORDINARY PUBLISHED BY AUTHORITY MINISTRY OF FINANCE ORDER New Delhi, the 24th August, 2018 S.O. 4149(E).— Whereas the Specified Bank Notes (Cessation of liabilities) Act, 2017 (2 of 2017) (hereinafter referred to as the ‘’Act”) came into force with effect from the 31 st day of December, 2016; And whereas the said Act was enacted with a view to provide in the public interest for the cessation of liabilities on the specified bank notes and for matters connected therewith or incidental thereto; And whereas section 5 of the Act provides prohibition on holding, transferring or receiving specified bank notes and its proviso specifies certain cases, where holding of specified bank notes may be allowed; And whereas law enforcement agencies had seized or confiscated the specified bank notes on or before 30 th day of December, 2016 without specific directions from the court and need to deposit or exchange such specified bank notes on production of the documents authorising such seizure or confiscation, as the case may be, without directions from the court; And whereas there is no provision in section 5 of the Act to authorise such deposit of the specified bank notes seized or confiscated by the enforcement agencies; And whereas in order to remove the difficulty, it is considered necessary to amend section 5 of the Act; Now, therefore, in exercise of the powers conferred by sub-section (1) of section 12 of the Act, the Central Government hereby makes the following order to remove the aforesaid difficulty, namely:- 1. (1) This order may be called the Specified Bank Notes (Cessation of Liabilities) Removal of Difficulties Order, 2018. (2) It shall come into force on the date of its publication in the official Gazette. Short title and commencement 2. In the Specified Bank Notes (Cessation of Liabilities) Act, 2017, in section 5, after clause (c), the following clause shall be inserted, namely:- “(d) by the law enforcement agencies, such as the Central Board of Direct Taxes, Central Board of Indirect Taxes and Enforcement Directorate on production of the documents authorising such seizure or confiscation, as the case may be.”. Amendment of section 5 of the Act [F. No. 10/5/2017- Cy. I] PRASHANT GOYAL, Jt. Secy. and Published by the Controller of Publications, Delhi-110054. RAKESH SUKUL