Cabinet approves ordinance to make possession of old notes penal offence

The Cabinet has approved promulgation of an Ordinance to make possession of a large number of scrapped banknotes a penal offence making holding of old 1,000 and 500 rupee notes after March 31st 2017 beyond a threshold amount a criminal offence.The possession will attract a monetary fine of 10,000 rupees or five times the cash held, whichever is higher.

The Specified Bank Notes Cessation of Liabilities Ordinance also provides for amending the Reserve Bank of India Act to provide legislative support for scrapping the demonetized banknotes that are not returned.
Source-The Indian Express


Leave a comment

Your email address will not be published. Required fields are marked *