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    India'No jail term for holding demonetised notes; minimum fine Rs 10,000'

    ‘No jail term for holding demonetised notes; minimum fine Rs 10,000’


    ‘No jail term for holding demonetised notes; minimum fine Rs 10,000'

    New Delhi, December 29

    A day after the Union Cabinet cleared the Ordinance to make the possession of a large number of scrapped banknotes an offence, sources in the Ministry on Thursday said there will be no jail term for holding demonetised notes and the minimum fine will be Rs 10,000.

    The Ordinance to penalise holders of old Rs 500/1000 notes will go to President shortly. The Ordinance will be effective from December 31, sources added.

    Yesterday, the Cabinet headed by Prime Minister Narendra Modi approved the Ordinance, but there was no word on the penal provisions will apply to holding the junked currency after the 50-day window to deposit them at banks ends on December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open.

    The Ordinance also provided for amending the Reserve Bank of (RBI) Act to provide legislative support for extinguishing the demonetised banknotes that are not returned.

    While the high-denomination currency ceased to be a legal tender from midnight of November 8, 2016, a mere notification was thought to be not enough to end the central bank's liability and avoiding future litigations.

    Currency notes carry RBI's promise to pay the bearer the amount of the value of the note, a pledge that can be nullified only by legislation after giving due opportunity to everyone to return old notes. — Agencies

    The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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