Prez approves ordinance criminalising holding of old notes
President Pranab Mukherjee on Friday approved the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016 that criminalises possession of demonetised ?500 and ?1,000 notes. According to the ordinance, citizens can be penalised for holding more than ?10,000 in demonetised notes after March 31, 2017. The order will come into effect on Saturday, December 31.
President Pranab Mukherjee has given his assent to the government's Ordinance criminalising the holding of banned Rs 500 and Rs 1000 notes. The Ordinance says that holding, transferring or receiving of junked notes is illegal and punishable with imposition of penalty, says the Finance Ministry.The government however said non-resident Indians (NRIs) can exchange or deposit the junked high-denomination notes at specified RBI offices till June 30.A statement from Rashtrapati Bhavan said Mukherjee has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016, which was passed by the Union Cabinet on Wednesday.The deadline for deposits of the banned currency notes in commercial banks ended today.The Ordinance says there will be no jail term for holding demonetised notes. However, sources said a penalty of upto Rs 50,000 would be imposed on those who hold more than ten of the banned notes. Also Read:Demonetisation Ordinance w.e.f Dec 31: No jail for having banned notes, minimum Rs 10,000 fine 