Report No. 249

8. Bank Notes (Declaration of Holdings) Ordinance, Ordinance 2 of 1946

Category: Financial Laws

Recommendation: Repeal

This Ordinance required banks and Governments treasuries to furnish information concerning certain bank notes held by them. The purpose of the Ordinance was to provide for the demonetisation of certain currency in India. The Ordinance required every bank and Government Treasury to prepare and send to the Reserve Bank of India details with regards to the total value of bank notes held by them by January 11th, 1946. The Ordinance was clearly time-bound and has now 51 become obsolete. Therefore, the Central Government should repeal this Ordinance.