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
This Union budget is about building capacity, not chasing short-term consumption
February 02, 2026
-
News
AI will replace surgeons, coders and billions of jobs, warns Sraddhalu Ranade at MCHD-SKC Memorial Lecture
February 01, 2026
-
News
Sheikh Hasina attacks Muhammad Yunus from first public address in Delhi, urges uprising in Bangladesh
January 23, 2026
-
News
Top Maoist leader with 2 crore bounty among 16 eliminated in major Jharkhand encounter
January 23, 2026
-
News
Russia, US, Ukraine to hold first trilateral talks in UAE, Zelensky announces
January 22, 2026
-
News
Supreme Court slams Maneka Gandhi over remarks on stray dogs case, flags possible contempt
January 20, 2026
-
News
'India-EU trade deal nears finish line': European Commission Prez at Davos, calls it mother of all deals
January 20, 2026
-
News
Nitin Nabin becomes BJPs youngest president ahead of key assembly polls, PM Modi calls him my boss
January 20, 2026
-
News
PM Modi calls Nitin Nabin my boss as he takes over BJP leadership
January 20, 2026
-
News
David Beckhams son drops bombshell, accuses parents of trying to ruin his marriage
January 20, 2026
