Home / Latest News / Govt. may soon Prosecute on mere possession of old Notes, penalty from Rs 50,000 or Five times of seizure

Govt. may soon Prosecute on mere possession of old Notes, penalty from Rs 50,000 or Five times of seizure

December,27,2016:

Anti-Corruption Bureau say Bribery is on decline.
Demonitised Notes possession to be offence

There could be a cap on holding not more than 10 notes of demonitised currency.

Government may bring an ordinance to penalise those found holding “high amount” of junked Rs 500 and Rs 1,000 banknotes after December 30,2016 which is the last date for depositing the scrapped currency in banks.

News Agency PTI said that,”There is no official word on the move which was likely to come up before Cabinet on Wednesday.

Reports suggest that there could be a cap of holding more than 10 notes of each after the December 30 and violation of rule could draw a fine of minimum Rs 50,000 or 5 times the amount in question, whichever is higher, but there is still no confirmation.

The Government had stated that the exchange of old notes would be allowed at the Reserve Bank of India offices till March 31, 2017.

Since the announcement, Government and RBI have frequently changed the rules, 60 times at last count.

On December 30, Government is expected to notify the new cash rules.

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