It also ends the liability of the Reserve Bank of India (RBI) and the government on the currency notes demonetised in November last year.
It prohibits holding of "more than 10 notes in total, irrespective of the denomination" after expiry of the 50-day deadline on December 30 for depositing the junked currency in banks or post offices.
However, holding of up to 25 notes is provided for "the purposes of study, research or numismatics".
Violation is "punishable with fine which may extend to Rs 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher", the Bill states.
This grace period was provided subject to condition that the he or she makes a declaration of being outside India in the 50 days immediately following the November 8 demonetisation decision.
False declaration is punishable with a fine of at least Rs 50,000.
"Whoever knowingly and willfully makes any declaration or statement... which is false in material particulars or omits to make a material statement or makes a statement which he does not believe to be true, shall be punishable with fine which may extend to Rs 50,000 or five times the amount of the face value of the specified bank notes tendered, whichever is higher," the Bill stipulates.
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