LawgistThe Specified Bank Notes (Cessation of Liabilities) Act
7Penalty for contravention of section 5
Whoever contravenes the provisions of section 5 shall be punishable with fine which may extend to ten thousand rupees or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.
Download our fully-offline, High speed android app.- Click here
All sections
- 1 Short title and commencement
- 2 Definitions
- 3 Specified bank notes to cease to be liability of Reserve Bank or Central Government
- 4 Exchange of specified bank notes
- 5 Prohibition on holding transferring or receiving specified bank notes
- 6 Penalty for contravention of section 4
- 7 Penalty for contravention of section 5
- 8 Offences by companies
- 9 Special provisions relating to offences
- 10 Protection of action taken in good faith
- 11 Power to make rules
- 12 Power to remove difficulties
- 13 Repeal and savings
