Why you must dump demonetised notes by December 31: Heavy penalty in the offing

Hurry up! If you still own demonetised currency notes, then make it a point to exchange or deposit them in banks by December 31, or else be ready to be penalised heavily by the government.

New Delhi, Dec 27: With just four days remaining for the 50-day long demonetisation deadline set by Prime Minister Narendra Modi to end, the cabinet is likely to propose a heavy penalty for holding old notes.

There is likely to be a cap on holding more than 10 notes of the Rs 500 and Rs 1,000 denominations. If anyone is found in possession of these old notes, then the government would levy a fine of Rs 50,000 or five times the amount in question.

If this is implemented then it would be 61st change that the government is making to the rules since the decision on demonetisation was announced on November 8. If this rule comes into force then it would defeat the decision in which the government had said that exchange of old notes would be allowed at the RBI until March 31 2017.

The matter is likely to be taken up at the cabinet meeting on Wednesday and if the decision is approved then it would be introduced in the form of an ordinance. There is a provision to introduce an ordinance when the Parliament is not in session.

OneIndia News