New Rule: penalty if you use old notes after March 31
Posted on: 28/Dec/2016 3:07:01 PM
The prime minister, Mr Narendra Modi announced that the old Rs. 500 and Rs. 1000 notes will not be valid on 8th November.Consequently, the public all over the country have been depositing all their old money in the banks,
The central government has already announced that the old notes of Rs. 500 and Rs. 1000 can be exchanged for the new currency notes till 30th December.
In this scenario, the central cabinet has approved the emergency act that penalty will be levied if old notes of Rs. 500 and Rs. 1000 are kept after 31st March 2017.
Accordingly, if more than 10 numbers of old notes of Rs. 500 and Rs. 1000 are kept after 31st March, a penalty will be levied.
It is worth noting in this juncture that the central government has already announced that the old notes can be exchanged by the Public in the Reserve Bank of India.
