- The government on Wednesday approved promulgation of an Ordinance to make possession of more than 10 scrapped banknotes a penal offence.
- 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.
- 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.
- 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.