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.


Subscribe to Current Affairs

Enter your email to get daily current affairs

Current Affairs June 2017

23 JUNE
NEWS
22 JUNE
NEWS
21 JUNE
NEWS
20 JUNE
NEWS

Current Affairs May 2017

31 MAY
NEWS
30 MAY
NEWS
29 MAY
NEWS
27 MAY
NEWS

Current Affairs April 2017

29 APRIL
NEWS
28 APRIL
NEWS
27 APRIL
NEWS
26 APRIL
NEWS