image
Cabinet clears notes ban ordinance, slaps hefty fine on possession of old notes beyond March 31, 2017
New Delhi, Dec 28 (IBNS) : The Union Cabinet on Wednesday cleared the ordinance on criminal liability for keeping old high-denomination notes, specifying that the currencies will stand illegal beyond March 31, 2017, reports said.
The Government fixed a fine of Rs. 50,000 for keeping more than old Rs. 500 and Rs. 1,000 notes beyond the stipulated date.
The ordinance thus formalised demonetisation, which was an executive decision announced on November eight.
The ordinance ends the Government and the Reserve Bank of India's liability towards the promise to pay the bearer of these notes their value because of a statutory requirement.
Top Headlines
-
News
Pakistan on full alert as defence minister says all-out war with India cannot be ruled out
November 20, 2025
-
News
Historic moment! Nitish Kumar takes oath as Bihar CM for record 10th time PM Modi and Amit Shah witness ceremony
November 20, 2025
-
News
Delhi blast fallout: Al-Falah University founders Mhow house declared 'illegal' demolition looms
November 20, 2025
-
News
Nitish Kumar makes history: 10th term as Bihar CM check out Indias longest-serving leaders!
November 20, 2025
-
News
At Ramnath Goenka Awards, Tharoors surprise Modi praise leaves Congress red-faced
November 19, 2025
-
News
A day after Hidmas elimination, seven Maoists killed in encounter massive blow to Reds!
November 19, 2025
-
News
'Waited for the right opportunity and today...': How Maoist commander Madvi Hidma taken down in intel-led op
November 18, 2025
-
News
Delhi blast probe: ED searches Al-Falah University amid escalating funding inquiry
November 18, 2025
-
News
Shocking video: Delhi bomber Umar Mohammad calls suicide bombing a 'misunderstood concept'
November 18, 2025
-
News
Furious Taslima Nasreen slams Bangladesh: 'Sheikh Hasina gets death penalty but why not Yunus?'
November 18, 2025
