It is illegal to keep Rs 500 and Rs 1000 notes after 31st March
Posted on: 17/Nov/2016 10:38:02 AM
Keeping of void Rs 500 and Rs 1000 notes after 31st March 2017 will be treated as illegal. The Central Government has informed the Supreme Court that very soon an act will promulgated with regard to this.
A case regarding black money came before the Supreme Court Bench comprising Chief Justice T S Thakur and D Y Chandrachud. At this moment Attorney General Mukul Rohatgi informed the Supreme Court: People who are having the old 500 and 1000 rupee notes can exchange before 30th December. Those who have missed this opportunity can exchange the invalid notes till 31st March 2017 duly giving the reasons. Keeping these invalid notes after this period will be treated as illegal. Very soon the government will be enacting a law regarding this. The government is keenly monitoring the present situation. It has come to notice that some of the people who wants to swiftly exchange the notes are booking air tickets. Apart from this black money hoarders are resorting to various methods to exchange their money.
The justices intervened and asked: Are the currencies printed by the banks are sufficient for the ATMs. Attorney General refused to answer this question.
