The Lok Sabha today took up discussion on the Specified Bank Notes (Cessation of Liabilities) Bill,2017 which provides for holding, transfer and receiving of old 500 and 1000 rupee notes a criminal offence. <br/><br/>The bill seeks to end the liability of RBI and the government on the currency notes demonetised in November last year. The bill states that the government took the demonetisation decision on the recommendations of the RBI's central board to eliminate unaccounted money and fake currency notes from the financial system. <br/><br/>Once passed by Parliament, the bill will replace an ordinance promulgated on December 30 last year which provides for a fine of 10 thousand rupees or five times the cash held, whichever is higher, on holding of more than 10 banned notes. <br/><br/>Apart from aiming at ceasing the liability on old notes, the bill also provides that an Indian citizen, who was outside the country between November 9 and December 30, will be entitled to tender the demonetised notes within the specified period.<br/><br/>Moving the bill, Finance Minister Arun Jaitley said the reason to make possession of demonetised currency offence is that once it seizes to be legal tender cannot allow parallel economy. Initiating the discussion, N K Premachandran termed the notification to declare high value currency notes as illegal. He said the government should have taken legislative route to take such decision.