Section 7(1) in The High Denomination Bank Notes (Demonetisation) Act, 1978
(1)Notwithstading anything to the contrary contained in the Reserve Bank of India Act, 1934 (2 of 1934), any high denomination bank note owned by a person other than a bank or Government treasury may be exchanged after the 16th day of January, 1978, only on tender of the note-(a)where the high denomination bank note is owned by an individual, by the individual himself; or where the individual. is absent from India, by the individual concerned or some persons duly authorised by him in this behalf; or where the individual is mentally incapacitated from attending to his affairs, by his guarian or by any other person competent to act on his behalf;(b)where the high denomination bank note is owned by a Hindu undivided family, by the karta, and, where the karta is absent from India or is mentally incapacitated from attending to his affairs, by any other adult member of his family;(c)where the high denomination bank note is owned by a company, by the managing director thereof, or, where for any unavoidable reason such managing director is not able to tender the note, or; where there is no managing director, by any director thereof(d)where the high denomination bank note forms part of the assets of a firm, by the managing partner thereof, or, where for any unavoidable reason such partner is not able to tender the note, or where there is no managing partner as such, by any partner thereof not being a minor;(e)where the high denomination bank note is owned by any other association of persons, by any member of the associa- tion or the principal officer thereof; and(f)where the high denomination bank note is owned by any other person, by that person or by some person competent to act on his behalf;and within the time and in the manner provided in this section.
