Soon, possessing old Rs 500, Rs 1000 notes may be a punishable offence
Posted on: 27/Dec/2016 11:13:08 AM
After 30th December you cannot deposit Rs 500 and Rs 1000 notes in the banks. From that day, it will be totally invalid. It will be a mere paper. After this, people who have these invalid notes will be penalized heavily. The government is understood to be mulling an ordinance to impose penalties on anyone possessing the junked Rs 500 and Rs 1,000 notes beyond December 30 when the deadline to deposit them in banks expires.
There was no official word on the move which is likely to come up before the Cabinet on Wednesday but sources said penalties may be imposed on anyone holding more than 10 notes each of the old currency after December 30.
Reports said that there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs 50,000 or 5 times the amount in question.
Holders of such currency have an option to deposit them in RBI by March 31 but even that period may be curtailed,
