Payment of wages and salary by old currency of Rs. 500 and Rs. 1000 notes after demonetization


Payment of wages and salary by old currency of Rs. 500 and Rs. 1000 notes after demonetization
1164 Views
|
Friday, November 18, 2016
|
View All News

Dear all,

Your association SIMA is forwarding herewith the circular no. ADM/ LAW/07/2015/2625 dated 17/11/2016 issued by Hon'ble Collector/ District Magistrate, Dadra & Nagar Haveli. The scanned copy of the circular is attached herewith.

As per the circular, Government of India had announced demonetization of Rs. 500/- & Rs. 1000/- currency with effect from midnight on 8th November, 2016. Therefore  the said old currency of Rs. 1000/- and Rs. 500/- is now not valid currency and the said currency can be exchanged in the bank as per the order of Reserve Bank of India. The said currency can be accepted by the authorized authorities and persons or commercial establishment as per the order of RBI and Govt of India. So, to use the said old currency in any transaction by anyone is illegal and shall face legal actions as per the provision of law. 

Hon’ble Collector/District Magistrate has issued the circular no. ADM/LAW/07/2015/2625 dated 17/11/2016 and has directed all the Commercial Establishments, Companies, Contractors, etc. that  no salary/wages shall be paid in old currency notes of Rs. 500/- & Rs. 1000/-. And if, it is found that the payment of salary and wages is paid in old currency notes i.e. Rs. 500/- & Rs.1000/- by any Commercial Establishments, Companies, Contractors, etc., then strict action will be taken against them as per provision of law.

So it is hereby informed to all colleague members to strictly follow the direction issued by Collector/District Magistrate, Dadra & Nagar Haveli under the said circular.  

Thanking you,
With regards, 

For Silvassa Industries & Manufacturers Association    

Narendra Trivedi,
Secretary


Other News by SIMA