Rs. 10000 penalty if in possession of old invalid currency notes
Posted on: 04/Feb/2017 5:43:20 PM
A bill for imposing a penalty of Rs. 10000/- if found in the possession of more than 10 numbers of the old demonetized currency notes of Rs. 500/- and Rs. 1000/- has been presented in the parliament.
Accordingly, it has been informed that numismatists and researchers are allowed to keep 25 numbers of these old demonetized currency notes of Rs. 500/- and Rs. 1000/-.
However, if others are found in possession of these invalid notes, a minimum penalty of Rs. 10000 will be imposed as stated in the bill.
Further, the central government has clarified that the persons who were abroad during this demonetization period can exchange their old currency notes of Rs. 500/- and Rs. 1000/- up to a maximum of Rs. 50000/- in the Reserve Bank of India.
