Post March, Govt To Penalize Persons With More Than 10 Scrapped Notes

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The Union Cabinet has cleared an ordinance to extinguish the liability of the government and the RBI on the demonetized high denomination notes. The ordinance was brought as it was found to be necessary to prevent future litigations against the government for junking Rs 500 and Rs 1,000 notes. Seeking to prevent harassment and any ambiguity, a proviso has been added to ensure that certain category of people can still deposit the old notes in RBI branches between December 31 and March 31 next, they said. According to reports, there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs. 50,000 or 5 times the amount in question — whichever is higher. The category may include people in armed forces, people who were abroad and ordinary citizens who can explain that the money is part of their legitimate income and they could not deposit it in banks due to some reasons.