The Bihar Post

Modi cabinet clears notes ban ordinance, slaps hefty fine on possession of old notes

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New Delhi: The Union Cabinet on Wednesday cleared the ordinance on criminal liability for keeping old high-denomination notes, specifying that the currencies will stand illegal beyond March 31, 2017, reports said.

The Government fixed a fine of Rs. 50,000 for keeping more than old Rs. 500 and Rs. 1,000  notes beyond the stipulated date.

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The ordinance thus formalised demonetisation, which was an executive decision announced on  November eight.

The ordinance ends the Government and the Reserve Bank of India’s liability towards  the promise to pay the bearer of these notes their value because of a statutory requirement.

IBNS

 

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