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ARTICLE · 28 APRIL 2017

Disclosure Of Specified Bank Notes

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Fight against corruption has been a priority for the Government for past few years. Many steps have been taken to fight against it, at all possible levels, whether it relates to Government Officials..

IndiaCorporate/Commercial Law
Bijit Das
Bijit Das
Chanakya Sharma
Chanakya Sharma
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Fight against corruption has been a priority for the Government for past few years. Many steps have been taken to fight against it, at all possible levels, whether it relates to Government Officials, illegal cross-border transactions, corporates and even the general public. One of the most important leaps taken by the government to curb such corruption was demonetization.

Ministry of Finance, on the mid night of November 8, 20161, put a ban on holding and transaction of currency notes of INR 500 and INR 1000 referred as Specified Bank Notes (hereinafter referred to as the 'SBN')2. A close check was done so as to ensure that no violation of these orders is possible.

In order to bring further transparency, Ministry of Corporate Affairs vide notification dated March 30, 2017, has amended Schedule III of the Companies Act, 2013, which relates to instructions for preparation of Balance Sheet and Profit and Loss Statement of the company, as well as matters to be stated

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