Minimum Rs 10K fine for holding old notes, no jail

Source: The Hitavada      Date: 30 Dec 2016 08:25:47


Dec 29,


GOVERNMENT has made holding of more than 10 junked Rs 500/1000 notes a penal offence punishable with a minimum Rs 10,000 fine, but the harsher four-year jail term has been dropped.

The Specified Bank Notes Cessation of Liabilities Ordinance, approved on Wednesday by the Cabinet headed by Prime Minister Narendra Modi, allows individuals to hold not more than 10 notes of the old currency. It allows 25 such currencies to be held by research scholars.
Top sources said the ordinance, which will be sent to the President for his assent shortly, will come into effect from December 31.

It provides for making holding of old Rs 1,000 and 500 notes after March 31 a criminal offence that will attract a fine of Rs 10,000 or five times the cash held, whichever is higher.

Furnishing wrong information while depositing the old currency between January 1 and March 31 -- a window provided only for exigencies -- will attract a fine of Rs 5,000 or five times the amount, whichever is higher.