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Deadline to submit banned notes ends today

by IBNS 30 Dec 2016, 07:55 am

New Delhi, Dec 30 (IBNS): The 50-day deadline to submit banned Rs. 1000 and Rs. 500 currency notes ends on Friday.

It is going to be illegal to have old notes, barring exceptions, from Saturday.

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  Nov 8. 

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.

The Indian government on Nov 8 banned old Rs. 500 and Rs. 1000 currency notes.