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Reading: Old Notes deposit: Cabinet clears the ordinance imposing a penalty for holding demonetised currency after December 31
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Old Notes deposit: Cabinet clears the ordinance imposing a penalty for holding demonetised currency after December 31
IndiaFinance

Old Notes deposit: Cabinet clears the ordinance imposing a penalty for holding demonetised currency after December 31

Ankita Sharma
Ankita Sharma Published December 28, 2016
Last updated: 2016/12/28 at 2:15 PM
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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

Old Notes deposit: Cabinet clears the ordinance imposing a penalty for holding demonetised currency after December 31

 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.

Also Read: RBI to print new notes of Rs 50 and Rs 20, old notes will remain a legal tender

“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).

Also Read: PM Modi Parivartan Rally – Demonetisation has destroyed terrorism, drug mafia and fake notes

Old Notes deposit: Cabinet clears the ordinance imposing a penalty for holding demonetised currency after December 31

 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.

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TAGGED: demonetisation, Finance Ministry of India, india, old notes deposit, PM Narendra Modi

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Ankita Sharma December 28, 2016
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