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4 Years Jail Term if used Old Notes after Dec 31st
By: Tupaki Desk | 28 Dec 2016 9:49 AM GMT
Union Cabinet Today approved an ordinance to punish the people still using scrapped Rs 500 and Rs 1000 currency notes after December 31st, 2016.
PM Narendra Modi-headed Cabinet has given its consent to an ordinance to amend RBI Act to address possible issues pertaining to banned higher denomination notes. This ordinance has been forwarded to President Pranab Mukherjee for approval. Later, The ordinance will tabled in Parliament during the Budget Session in the form of a new law.
If old currency was in possession of an individual in excess of 10 notes, Then he/she will face a jail term of up to 4 years and a penalty of Rs 5000 to be imposed.
Out of Rs 15.4 lakh crore currency in Rs 500 and Rs 1000 notes, Around Rs 14 lakh crore have been deposited so far. The deadline to deposit the old notes ends on December 30th, 2016. Deposit of old notes at the branches of the RBI will be allowed only after submitting a declaration form by Dec 31st this year.
PM Narendra Modi-headed Cabinet has given its consent to an ordinance to amend RBI Act to address possible issues pertaining to banned higher denomination notes. This ordinance has been forwarded to President Pranab Mukherjee for approval. Later, The ordinance will tabled in Parliament during the Budget Session in the form of a new law.
If old currency was in possession of an individual in excess of 10 notes, Then he/she will face a jail term of up to 4 years and a penalty of Rs 5000 to be imposed.
Out of Rs 15.4 lakh crore currency in Rs 500 and Rs 1000 notes, Around Rs 14 lakh crore have been deposited so far. The deadline to deposit the old notes ends on December 30th, 2016. Deposit of old notes at the branches of the RBI will be allowed only after submitting a declaration form by Dec 31st this year.
