Section 5 in The Specified Bank Notes (Cessation Of Liabilities) Act, 2017
5. Prohibition on holding transferring or receiving specified bank notes
On and from the appointed day, no person shall, knowingly or voluntarily, hold, transfer or receive any specified bank note:Provided that nothing contained in this section shall prohibit the holding of specified bank notes—(a)by any person—(i)up to the expiry of the grace period; or(ii)after the expiry of the grace period,—(A)not more than ten notes in total, irrespective of the denomination; or(B)not more than twenty-five notes for the purposes of study, research or numismatics;(b)by the Reserve Bank or its agencies, or any other person authorised by the Reserve Bank;(c)by any person on the direction of a court in relation to any case pending in the court.
