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.