End of 50 days: What will happen if you still have ₹500, ₹1000?
- The ordinance will be sent to President Pranab Mukherjee for approval.
- Earlier it prescribed jail term for holding banned notes but now only fine will be imposed.
- Selected RBI counters will accept the banned notes until March 31 under strict conditions.
50 days of demonetisation is over today, and now you can not deposit ₹500 and ₹1000 in banks anymore and now having more than 10 banned notes will be a punishable offence and the holder will be slapped with a minimum of ₹10000 fine as per the Specified Bank Notes Cessation of Liabilities Ordinance approved by the cabinet.
The ordinance prohibits the holding of more than 10 old currency note by an individual but, research scholars are allowed to have 25 banned notes.
According to reports, this ordinance will be sent to President Pranab Mukherjee for approval, and it will be effective from December 31.
Following are the provisions of this ordinance that you must know of:
1. This ordinance prohibits the holding of banned notes after March 31, and the defaulters will have to a pay fine of ₹10000 or five times the banned cash held (whichever is higher).
2. If wrong information is given while making deposits of old currency between January 1 and March 31 (a provision for exigencies), the depositor will be slapped with a fine of ₹5000 rupee or five times more amount whichever is higher.
On November 8, PM Narendra Modi demonetised ₹500 and ₹1000 notes with an announcement and a notification which is not enough to cease the liability of Central bank and avoid the future litigations. Therefore, this ordinance is required that will become a proper legislation once Parliament passes a law within six months.
According to reports, the deadline for depositing old notes is banks and post offices is expiring on December 30 but selected RBI counters will accept the banned notes until March 31 under strict conditions.