POSSESSION OF SCRAPPED CURRENCY NOTES BEYOND 30-12-2016 WILL ATTRACT CRIMINAL PROCEEDINGS AND FURNISHING WRONG INFORMATION WHILE DEPOSITING OLD CURRENCY WILL ATTRACT FINE FROM 1-1-2017 TO 31-3-2017

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  1. The government on Wednesday approved promulgation of an Ordinance to make possession of more than 10 scrapped banknotes a penal offence.
  1. 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.
  1. Furnishing wrong information while depositing the old currency between January 1 and March 31 will attract a fine of Rs 5000 or five times the amount.
  1. The Ordinance also provides for amending the Reserve Bank of India (RBI) Act to provide legislative support for extinguishing the demonetised banknotes that are not returned.
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