Possession of old notes after December 30 may invite penalty of over Rs 50,000
Breaking News - The government is mulling an ordinance to bring a new law under which possessing, transferring or receiving over Rs 10,000 in banned 500 and 1,000-rupee notes post December 30 will be a punishable offence for possessing old notes after Dec 30.
Reports said that there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs 50,000 or 5 times the amount in question -- whichever is higher, but there was no confirmation. There will be a criminal liability and a municipal magistrate will hear cases involving violation and decide on penalty.
Holders of such currency have an option to deposit them in RBI by March 31 but even that period may be curtailed, they said.O
Of the Rs 15.44 lakh crore worth of 500 and 1000 rupee notes in circulation on November 8, close to Rs 13 lakh crore have been deposited in accounts or exchanged for valid currency.
There was no official word on the move which is likely to come up before the Cabinet on Wednesday.
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