Holding more than 10 old notes after March 31 is a punishable act

In the war against Black Money and Corruption, the Government took the decision of Demonetisation or note ban. On Wednesday, the government issued a new rule to penalise those persons who will hold junked Rs 500, 1,000 notes beyond March 31.
Rs 50,000 will be fined if the person is found to have more than 10 old notes beyond March 31, according to the new rule.This will help in preventing future litigation against the government for junking Rs 500 and Rs 1,000 notes.
According to sources, a proviso will be added for a certain category of people who can still deposit the old notes in RBI branches between December 31 and March 31. This category may include armed forces, people who were abroad and ordinary citizens who can prove that their legitimate income is the only source of their money.
A similar ordinance was issued in 1978 when the Morarji Desai government demonetised Rs 1,000, Rs 5,000 and Rs 10,000 notes.
The government on November 8 announced that old notes can be exchanged or deposited in the banks. The facility to exchange the old notes has now been withdrawn but people can deposit the old currency till Friday in their bank accounts.

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