Cabinet clears Ordinance, heavy fine for holders of old notes
Breaking News - Two days before the deadline for depositing old 500- and 1,000-rupee notes expires, the Cabinet on Wednesday approved promulgation of an Ordinance to make possession of a large number of scrapped banknotes a penal offence that will attract monetary fine. The Specified Bank Notes Cessation of Liabilities Ordinance makes holding of old 1,000- and 500-rupee notes after March 31 beyond a threshold amount a criminal offence that will attract a monetary 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 will attract a fine of Rs 5,000 or five times the amount.