Arun Jaitley introduces demonetisation bill, opposition protests

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currency-notesParliament may witness fireworks on February 3 as the Narendra Modi government cheekily introduced the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 in the Lok Sabha.

It may be mentioned here recognising the significance of the Bill, the BJP has asked all its members to be present in the Lok Sabha on February 3.

The bill, introduced by Union Finance Minister Arun Jaitley, would seek to replace the currency note ban Ordinance, which was announced by the government in December 2016. Any ordinance that has passed by the government must be replaced by a Bill in 42 days of the beginning of a session or it is set to lapse.

Jaitley introduced the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 after tabling an explanation on the immediate promulgation of the promulgation of Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016.

Immediately, Saugata Roy of the Trinamool Congress said that the Bill was illegal because the basic statement by the Prime Minister on November 8 2016 announcing demonetisation was illegal.

The ordinance, which has been cleared by President Pranab Mukherjee on December 30, has made it illegal to hold, transfer or receive old Rs 500 and Rs 1000 currency notes.

The ordinance also sought to do away with the government and the Reserve Bank of India’s liability on demonetised high-value currency notes.

It may be recalled that the issue of demonetisation had literally disrupted the entire Parliament’s winter session so much so that discussions/debates in both Houses are yet to be concluded.