An ordinance under which old notes of Rs 500 and Rs 1,000 will cease to be liabilities of the Reserve Bank of India (RBI) was tabled in both Lok Sabha and Rajya Sabha on the first day of the Budget session. The Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, promulgated on December 30 last year, in pursuance to the announcement made by Prime Minister Narendra Modi on November 8 to scrap notes of Rs 500 and Rs 1000, was tabled in Lok Sabha and Rajya Sabha. In Rajya Sabha, three ordinances were tabled. Two of the ordinances are The Enemy Property (Amendment and Validation) 2016 and the Payment of Wages (Amendment).
