Old notes deposit: The government has finally cleared the ordinance to impose a heavy penalty on the ones who will hold the demonetised notes of Rs 500 and Rs 1000 after December 30. It will be a criminal offence to hold the scrapped currency beyond the specified limit i.e. ten notes of rs 500 and Rs 1000 each, after December 31.
Old Notes Deposit allowed only until December 30, heavy fine to be imposed afterwards
Not abiding by this rule will fetch a heavy fine of Rs 50000 or five times the amount recovered (whichever is more) apart from the jail term. After the deadline of depositing the old notes i.e. December 30, the limited amount of old notes can be deposited at the registered offices of the Reserve Bank of India till March 31.
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“There will be strict monitoring of the source of the old notes exchanged after December 30 at RBI offices”, a Finance Ministry official stated.
The draft ordinance consisted of the recommendations of the central board of directors of the Reserve Bank of India (RBI).
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The facility to exchange the old notes has been completely done away with. The masses are now required to deposit all the old currency notes in one go.