Union Cabinet Nods On Penalising Public For Keeping Old 500/1000 INR Notes Amid December 30

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Union Cabinet Nods

In the midst of demonetisation probe, Union Cabinet today gave a final nod and approved the authoritative body to penalise public who possess old notes of Rs. 500 and Rs. 1000 after December 30th, 2016. The ordinance has been passed to prevent future litigations against the note ban. It holds a cap of near about 10 notes of each higher-denomination and more than of the suggested notes may lead to a fine or penalty of a minimum of Rs. 50,000 or 5 times of the possession, whichever is higher, until the end of 2016.

The deadline of depositing old notes expires after 2 days, and those who are still in possession of old notes may be liable to a 4-year jail term and for those who will carry out the transaction on 31st December have to pay afine of Rs. 50,000. Termed as “The Specified Bank Notes Cessation of Liabilities Ordinance”, the respective body ensures prevention from ambiguity and harassment over note ban followed by addition of certain categories of the people who will be able to deposit old notes of Rs. 500 and Rs. 1000 in the branches of Reserve Bank of India.

The opposition has attacked the Centre for such sudden move followed by the changes to the guidelines and terms and norms of Demonetisation probe. However, BJP-led Centre tried best to prohibit the discarded old notes by implying an amendment in the Reserve Bank of India Act but due to the chaotic wash out of the recently held Winter Session in the Parliament could not come out with proper solutions.

The respective approved Ordinance comes as the only legal platform in terms of demonetisation probe led by the ban on old notes which will end within 2 days.

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