Government plans ordinance on holding of old notes

December 26, 2016 18:59

The government is planning an ordinance or executive order to bring in a new law, which will have penal provisions in case one is caught possessing, transferring or receiving an amount over Rs. 10,000 in banned 500 and 1000 rupee notes, NDTV reported quoting sources.

The maximum number of banned 500 and 1000 rupee notes one is allowed to keep is 10.

The ordinance has to be issued before December 30, sources said.

The penal provisions, which are yet to be firmed up, will involve a fine of a minimum of Rs. 50,000 or 5 times the amount in question -- whichever is higher. A municipal magistrate will hear cases involving violation and decide on penalty.

The ordinance includes the recommendations of the Central board of directors of the Reserve Bank of India. After December 30, banned notes have to be directly deposited in Reserve Bank and a grace period will be specified later.

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