PADMA KHASTGIR, J.

( 1 ) THE petitioner owned and possessed 261 bank currency notes of Rs. 1000/- each. On Jan. 16, 1978, an ordinance was promulgated at the High Denomination Bank Notes (Demonetisation) Ordinance, 1978 which was published in the Gazette on Jan. 16, 1978 and became an Act in 1978. The said Act came into force on 16th Jan. 1978. On the expiry of 16th Jan. 1978 all high denomination bank noted ceased to be legal tenders. High denomination bank notes meant bank notes of the denominational value of thousand rupees, five thousand rupees or ten thousand rupees issued by the Reserve Bank of India. Under the said Ordinance no person was allowed after 16th Jan. 1978 to transfer to the possession of another person or receive into his possession from another person any high denomination bank note. It was further provided that such notes could be exchanged after 16th Jan. , 1978 only by way of tender of the said notes. Every person desiring to tender for exchange a high denomination bank note should prepare in the form set out in the schedule, three copies of declarations signed by him giving full particulars in that form and hand over the same not later than 19th Jan. , 1978

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