Monday, November 21, 2016

Judicial precedents on Demonetization of Currency

The Government has decided to discontinue with the legal tender character of High Denomination Bank Notes (HDNs) of Rs 500 and Rs 1,000 with effect from November 9, 2016. In other words, such notes will not be legal tenders from midnight of November 8, 2016. Old HDNs can be exchanged or deposited in banks till December 30, 2016.After announcing such demonetization, people have started worrying about the tax implications even in case of genuine savings deposited into bank account.

In order to provide clarity on this issue, we have analyzed judicial precedents wherein such issues have been discussed in the past.

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