Be ready for penalty or imprisonment for holding more than 10 banned notes; Govt approves ordinance
 Source : News Bharati English  Date : 28-Dec-2016

New Delhi, December 28: Government aiming to curb corruption from country on Wednesday cleared a promulgation of an ordinance to punish the peoples having banned notes. Like to tell you that, anyone holding old banned notes will have to face imprisonment or will have to pay penalty.
The ordinance is to extinguish liability of government and Reserve Bank of India on the demonetised high-denomination notes. According to the new rule, Rs 50,000 will be fined for keeping more than 10 old notes beyond March 31. The penalty for holding old currency in excess of 10 notes may also include an imprisonment of up to 4 years in certain cases.

The ordinance is brought as it was found to be necessary to prevent future litigations against the government for junking Rs 500 and Rs 1,000 notes.

Official sources said the ordinance has been cleared, but did not say if the penal provisions would apply for holding the junked currency after the 50-day window to deposit them in banks ends as of December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open.

The ordinance on denotification of Rs 500 and Rs 1000 notes has been sent to President Pranab Mukherjee for his assent. The Cabinet headed by Prime Minister Narendra Modi has also approved this bill.  After December 31, the government through a separate notification and clarification will specify cases eligible to get the banned currency deposited in specified branches of the RBI. The ordinance is expected to be replaced by a law in the Budget session of Parliament, likely to begin by the end of January.

Notably, since demonetization announced by the government the banned notes of Rs 14 lakh crore out of the Rs 15.4 lakh crore has been deposited in banks or exchanged.