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Date: 09-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

Notification to give effect to the repeal of High Denomination Banknotes (Demonetisation) Act 1978 in accordance with the Jan Vishwas (Amendment of Provisions) Act 2023

Issued by Ministry of Finance · Department of Economic Affairs

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Executive Summary & Key Takeaways

What it means

  • This gazette notification from the Ministry of Finance, Department of Economic Affairs, announces the effective date of certain provisions within the Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023).

Key Changes

  • The notification specifies that the provisions of the Jan Vishwas Act, 2023, related to entry number 20 and its sub-entries in the Schedule (pertaining to the High Denomination Banknotes (Demonetisation) Act, 1978), will come into force on the date of the notification's issue (September 9, 2024).
  • The specific amendments to the High Denomination Banknotes (Demonetisation) Act, 1978 (11 of 1978) are not detailed in this notification; only the effective date is declared.
  • The notification is issued under the power conferred by sub-section (2) of section 1 of the Jan Vishwas (Amendment of Provisions) Act, 2023.

Impact Analysis

Impact on Legal and Regulatory Landscape

  • Action Item: Review the complete text of the Jan Vishwas (Amendment of Provisions) Act, 2023, specifically entry number 20 and its sub-entries in the schedule, to understand the precise changes made to the High Denomination Banknotes (Demonetisation) Act, 1978.

Impact on Businesses

  • Action Item: Monitor for further clarifications and detailed analysis of the amendments to understand the implications for specific business sectors.

Impact on Individuals

  • Action Item: Await further information on the nature of the amendments to assess the impact on individuals.

Key Entities Referenced

Ministry of Finance (Department of Economic Affairs): The issuing authority of the notification. Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023): The Act under which the notification is issued. It contains amendments to various other laws, including the High Denomination Banknotes (Demonetisation) Act, 1978. High Denomination Banknotes (Demonetisation) Act, 1978 (11 of 1978): The Act that is amended by the Jan Vishwas Act, 2023, as per this notification. Entry number 20 and its sub-entries in the Schedule of the Jan Vishwas Act detail the specific amendments. Aparna Bhatia, Adviser: The signatory of the notification.
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-09092024-257016 CG-DxLx-xEG-I0D9H0x9x2x0 24-257016 xxxGIDExxx असाधारण EXTRAORDINARY भाग II—खण्ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3524] नई दिल्ली, सोमिार, जसतम्ब र 9, 2024/भार 18, 1946 No. 3524] NEW DELHI, MONDAY, SEPTEMBER 9, 2024/BHADRA 18, 1946 जित्त मत्रं ालय (आर्थकि काय िजिभाग) अजधसचू ना नई दिल्ली, 9 जसतम् बर, 2024 का.आ. 3855(अ).—केन्द्रीय सरकार, िन जिश्वास (उपबंधों का संिोधन) अजधजनयम, 2023 (2023 का 18) की धारा 1 की उपधारा (2) द्वारा प्रित्त िजियों का प्रयोग करते हुए, इस अजधसूचना को िारी करन े की तारीख को उस तारीख के रूप म ें जनयत करती ह ै जिस को उि अजधजनयम के उपबंध, िहां तक दक िे उि अजधजनयम की अनुसूची म ें क्रम संख्या 20 और उसकी प्रजिजियां, ि िो उच्च मल्ू य बकक नो (जिमुरीकरण) अजधजनयम, 1978 (1978 का 11) से संबंजधत ह,ै लाग ूहोंगे । [फा. सं. 3/37/2022-Cy] अपणा ि भाट या, सलाहकार 5773 GI/2024 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(ii)] MINISTRY OF FINANCE (Department of Economics Affairs) NOTIFICATION New Delhi, the 9th September, 2024 S.O. 3855(E).—In exercise of the powers conferred by sub-section (2) of section 1 of the Jan Vishwas (Amendment of Provisions) Act, 2023 (18 of 2023), the Central Government hereby appoints the date of issue of this notification as the date on which the provisions of the said Act, in so far as it relates to serial number 20 and the entries thereto in the Schedule to the said Act, relating to the High Denomination Banknotes (Demonetisation) Act, 1978 (11 of 1978), shall come into force. [F. No. 3/37/2022-Cy] APARNA BHATIA, Adviser Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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