Union Government approves ordinance to penalize possession of old Rs 500 and Rs 1000 notes

Posted on:29 Dec 2016 18:08:55
Union Government approves ordinance to penalize possession of old Rs 500 and Rs 1000 notes
29 December 2016 Current Affairs: The Union Government has approved an ordinance to term the possession of old Rs 500 and Rs 1000 notes beyond March 2017 a penal offence. The ordinance also seeks to removes the liability of the government towards bearers of such notes.

This 'Specified Bank Notes Cessation of Liabilities Ordinance' will now be sent to President Pranab Mukherjee for the approval. It will be then converted into a proper legislation by passing of a law by Parliament within months.

Highlights  : The Specified Bank Notes Cessation of Liabilities Ordinance makes holding of the cancelled notes beyond a limit after 31 March 2017 a criminal offence.

 This criminal offence will attract a monetary fine of Rs 10000 or five times the cash held, whichever is higher.

Moreover, providing wrong information while depositing the old currency between 1 January and 31 March will attract a fine of Rs 5000 or five times the amount.

People can deposit the old notes of Rs 500 and Rs 1000 in banks up till 30 December 2016. They can deposit these demonetised notes in the Reserve Bank of India up to 31 March 2017.

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