Section 7(4) in The High Denomination Bank Notes (Demonetisation) Act, 1978
(4)Unless it appears that the declaration has not been complete in all material particulars, the Reserve Bank, the State Bank or any bank notified under clause (c) of sub- section (2), as the case may be, to which an application for exchange of high denomination bank notes is made under this section, shall pay the exchange value of the said notes for credit to a properly introduced account of te owner or the declarant, as the case may be, with any scheduled bank:Provided that if the owner or declarant, as the case may be, does not have a bank account, the exchange value of the said notes shall be paid only on proper identification and until payment is so made, the amount shall remain in the custody of the Reserve Bank or the bank, as the cas. may be, to which the high denomination bank notes were tendered:
