Do you've more than 10 demonetised notes? Law to catch you

According to a new bill, customers who will possess more than 10 demonetised notes will be punished.

New Delhi, Feb 4: In a bid to eliminate the possibility of running a parallel economy, the Centre has decided to punish those holding more than 10 demonetised notes. Holding of 10 or more demonetised currency notes of Rs 500 and 1,000 will attract a penalty of Rs 10,000, according to a bill introduced in the Lok Sabha.

Once this bill is passed by Parliament, fines of Rs 50,000 will also be levied on false declarations by those persons, who were abroad during the period between November 9 and December 30 last year. The decision on demonetisation was made on November 8. The government says that there is a possibility of a parallel economy being run and hence it is important to declare possession of such notes as illegal.

Features of new Rs 100 notes

The Reserve Bank of India has decided to put in circulation new Rs 100 notes similar to the design of the ones in the Mahatma Gandhi series-2005. The new notes will be introduced soon with the inset letter R in both the number panels. The year of printing--2017--will be on the reverse side of the bank note, says a notification by the RBI.

While the old Rs 100 notes will continue to be legal tender, the RBI says the design of these banknotes to be issued now are similar in all respects to the Rs 100 banknotes in Mahatma Gandhi Series- 2005 issued earlier. Among the features of the banknotes, there will be ascending size of numerals in the number panels, bleed lines, and enlarged identification mark on the obverse.

OneIndia News