|QUERY:||Can a person accept notes of Rs. 500/- or Rs. 1,000/- after November 8, 2016?|
|ANSWER:||After midnight of November 8, 2016, notes of Rs. 500/- or Rs. 1000/- cease to be a legal tender, and therefore no person would accept the said notes except some places, wherein they have been considered as legal tender till the Government notifies i.e. at petrol pumps, hospitals, medical stores etc. So no person can raise a bill for supply of goods or services on or after November 8, 2016 for accepting notes of Rs. 500/ or Rs. 1,000/-.
|EXPERT:||CA. H. N. Motiwalla|
|CATCH WORDS:||Demonetization- Effect of demonetization|
Opinion Of Eminent Legal Luminaries On Controversial Issues
Demonetization- Effect of demonetization
Credit: Several of the queries and answers are reproduced with permission from the AIFTP Journal. We thank AIFTP for generously allowing us to host their research material.
Disclaimer: The contents of this document are solely for informational purpose. It does not constitute professional advice or a formal recommendation. While due care has been taken in preparing this document, the existence of mistakes and omissions herein is not ruled out. Neither the author nor itatonline.org and its affiliates accepts any liabilities for any loss or damage of any kind arising out of any inaccurate or incomplete information in this document nor for any actions taken in reliance thereon. No part of this document should be distributed or copied (except for personal, non-commercial use) without express written permission of itatonline.org