The Union Cabinet approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes+ beyond a cut-off on 28 December.
The Union Cabinet approved ordinance on demonetisation bringing much needed
clarity over note ban on 28 December. The ordinance is to extinguish liability
of government and RBI on the demonetised high-denomination notes.
Under the ordinance, hoarding, receiving or transferring banned Rs 500, 1000
notes after March 31, 2017 will invite punishment. One can only have a maximum
of 10 old notes.
● The Specified Bank Notes Cessation of
Liabilities Ordinance approved by Modi Cabinet.
● After December 30, banned Rs 500, 1000
notes will only be submitted through select branches of RBI.
● In case an individual deposits old
currency in RBI after December 30 then a declaration has to be submitted on why
he/she couldn't submit in the given timeframe.
● Till March 31, 2017, in case you are not
able to go physically to an RBI branch then you can send it through an insured
post along with a declaration why you couldn't come, why you have not been able
to deposit the money till now.
● The penalty rules will kick in if old
notes are not declared after March 31, 2017. Punishment for possession of more
than 10 old notes.
● 4-year jail term if you keep old notes
post March31, 2017. Rs 5,000 fine on transaction in old notes.
In 1978, a similar ordinance was issued to end the governments liability after
Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the Janata Party
government under Morarji Desai.
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