Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Saturday, May 13, 2017

Deposit of confiscated SPNs (Rs. 500/RS1000)

MINISTRY OF FINANCE (Department of Economic Affairs) NOTIFICATION New Delhi, the 12th May, 2017 G.S.R. 460(E) the Central Government hereby notifies rules for Deposit or exchange of SPNs (Rs. 500/RS1000 notes confiscated on or before 30.12.2016)
 Where SPNs have been confiscated or seized by a law enforcement agencies or produced before a court on or before the 30th day of December 2016, such SPNs  may be tendered, at any office of the RBI or a nationalised bank designated by the RBI for the said purpose, for deposit in a bank account or exchange off the value thereof with legal tender, subject to the following conditions, namely:—
(a) in case confiscated SPNs are returned by the court to a person who is a party in case pending before that court, then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such SPNs@
 (b) in case SPNs are forfeited in favour of the Central Government or the State Government by an order of the court: That Government shall be entitled, on production of the direction of the court, to deposit or exchange such SPNs; or
 (c) in case SPNs are placed in custody of any other person by an order of the court on or before the 30th day of December, 2016 : then, the person shall be entitled, on production of the direction of the court, to deposit or exchange such SPNs @,

@ the serial numbers of which  (i) have been noted by the law enforcement agency which confiscated or produced them before the court; and (ii) are mentioned in the direction of the court. 

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