Prohibition on holding transferring or receiving specified bank notes
Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017 deals with prohibition on holding transferring or receiving specified bank notes. On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified bank note: Provided that nothing contained in this section shall prohibit the holding of specified bank notes— (a) by any person— (i) up to the expiry of the grace period; The Act came into force on 31 Dec 2016.
On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified bank note:
Provided that nothing contained in this section shall prohibit the holding of specified bank notes—
(a) by any person—
(i) up to the expiry of the grace period; or
(ii) after the expiry of the grace period,—
(A) not more than ten notes in total, irrespective of the denomination; or
(B) not more than twenty-five notes for the purposes of study, research or numismatics;
(b) by the Reserve Bank or its agencies, or any other person authorised by the Reserve Bank;
(c) by any person on the direction of a court in relation to any case pending in the court.
1[(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.]
Section 5, The Specified Bank Notes (Cessation of Liabilities) Act, 2017 (Act 2 of 2017).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Referred to by 1
Made under this section, and citing it
2 instruments state that it was made under this provision — the power to make it comes from here, so a change to any of them changes what this section requires in practice. Newest first.
Questions about Section 5
What does Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act deal with?
Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act is headed "Prohibition on holding transferring or receiving specified bank notes". On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified bank note: Provided that nothing contained in this section shall prohibit the holding of specified bank notes— (a) by any person— (i) up to the expiry of the grace period;
How do I find court cases under Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Specified Bank Notes (Cessation of Liabilities) Act 5, section 5 Specified Bank Notes (Cessation of Liabilities) Act, section 5 of the Specified Bank Notes (Cessation of Liabilities) Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, and has it changed?
1 other provision in this corpus refers back to it. The rules and notifications made under it are where it actually bites, and there are 2: most recently Specified Bank Notes (Cessation of Liabilities) Removal of Difficulties Order, 2018 (2018), then Specified Bank Notes (Deposit of Confiscated Notes) Rules, 2017. ( (2017).
When did Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act come into force?
Section 5 of the Specified Bank Notes (Cessation of Liabilities) Act, cited as Specified Bank Notes (Cessation of Liabilities) Act 5, came into force on 31 Dec 2016, having been enacted on 27 Feb 2017. It is in force as at the date shown on this page.
Other sections of this Act
- 4. Exchange of specified bank notes259 words
- 8. Offences by companies253 words
- 2. Definitions164 words
- 11. Power to make rules148 words
- 3. Specified bank notes to cease to be liability of Reserve Bank or Central Government112 words
- 12. Power to remove difficulties102 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Text as in force on 24 Oct 2026. This page is not a substitute for legal advice.