The ordinance will extinguish the liability of the government and RBI towards the promise to pay the bearer of these notes their value because of a statutory requirement.
In 1978 a similar ordinance was issued to end the government’s liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the Janata Party government under Morarji Desai.
According to the official cited in the IE report, the deposit of old notes will be allowed after 30 only in cases of exigencies. A Times of India report notes that the depositor of old notes will have to give reasons for doing so. The report also says possession of old notes will be allowed for research and numismatics purposes.
However, if the government decides the cut-off date as 30 December that will be another breach of promise by the government and the RBI. Prime minister Narendra Modi had on 8 November said the RBI window to deposit these notes will remain open beyond 30 December until 31 March. An ordinance that seeks to end the deposits on 30 December would mean the government and the RBI are going back on another promise they made to the common man.
