The Specified Bank Notes (Cessation of Liabilities) Act

Short title and commencement

Definitions

Specified bank notes to cease to be liability of Reserve Bank or Central Government

Exchange of specified bank notes

Prohibition on holding transferring or receiving specified bank notes

Penalty for contravention of section 4

Penalty for contravention of section 5

Offences by companies

Special provisions relating to offences

Protection of action taken in good faith

Power to make rules

Power to remove difficulties

Repeal and savings

All sections

Whoever knowingly and wilfully makes any
declaration or statement specified under sub-section (1) of section 4, which is false in material
particulars, or omits to make a material statement, or makes a statement which he does not believe to be
true, shall be punishable with fine which may extend to fifty thousand rupees or five times the amount
of the face value of the specified bank notes tendered, whichever is higher.

LAWGIST

# 6 Penalty for contravention of section 4