Team  SoOLEGAL

Centre Clears Ordinance, 4 years jail penalty for holding junked notes

Team SoOLEGAL 28 Dec 2016 3:48am

Image courtesy: K. Bhagya Prakash Centre Clears Ordinance, 4 years jail penalty for holding junked notes

The Union Cabinet on Wednesday put into effect an ordinance that will see those holding the demonetised currency past March 31, 2017 facing a penalty and a possible jail term.

The government had set December 30, 2016 as the deadline for depositing the junked currency in banks, following which those still holding such notes would be able to deposit them at the Reserve Bank of India up to March 31, 2017 after an explanation as to why they failed to deposit the notes before December 30.

Sources say the ordinance, details of which are still awaited, would make holding the demonetised currency - in excess of 10 notes past the March 31 deadline - a criminal offence, attracting a financial fine and a jail term of up to four years.

The Cabinet, headed by Prime Minister Narendra Modi, also approved an ordinance to amend the RBI Act to extinguish the liability of the government and the central bank on the demonetised notes to prevent future litigations.

While announcing the demonetisation on November 8, the government had allowed people to either exchange demonetised notes or deposit them in bank and post office accounts.

While the facility to exchange the banned notes has since been withdrawn, depositors have time till Friday to deposit the holding in their accounts.

Source: The Hindu

Tagged: Old Notes  
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