Jaitley introduces Demonetisation bill in Lok Sabha

Finance Minister Arun Jaitley introduced a bill on demonetisation in the Lok Sabha to formally make the banning of Rs 500 and Rs 1,000 notes a law.

The Specified Bank Notes (Cessation of Liabilities) Bill, 2017, seeks to replace the ordinance on demonetisation promulgated by the government in December 2016.

As the Finance Minister stood up to introduce the bill, he was opposed by Trinamool Congress member Saugata Roy, who termed the bill "illegal". A war of words was witnessed in the House as Jaitley and the Trinamool Congress leader attacked each other over the issue.

Roy said he was questioning Jaitley's "right to speak", adding "Let him go to the Rajya Sabha and speak". In response, the Minister questioned the member's right to oppose the bill and said: "His objection is something other than legislative competence. His objection is this is not a good bill." 

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