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
Vee Vault Capital invites first cohort of high-potential founders
March 14, 2026
-
News
Vee Vault Capital invites first cohort of high-potential founders
March 13, 2026
-
News
Sona College student Team Nexus AI designs an intelligent PLC programming assistant
March 08, 2026
-
News
'Guest of India struck in international waters': Iran furious after US submarine torpedoes IRIS Dena
March 05, 2026
-
News
Ali Khamenei (19392026): Irans Supreme Leader who ruled with an iron grip
March 01, 2026
-
News
Ali Khamenei (19392026): Irans Supreme Leader who ruled with an iron grip
March 01, 2026
-
News
Ayatollah Ali Khamenei killed in US-Israeli Air Strikes; Irans Revolutionary Guards vow sweeping retaliation
March 01, 2026
-
News
PM Modi expresses displeasure over NCERT judiciary chapter, wants accountability fixed
February 26, 2026
-
News
Former New Zealand PM Jacinda Ardern to relocate to Australia amid growing Kiwi exodus
February 26, 2026
-
News
Major aviation boost for Kashmir: Cabinet clears development of a new Civil Enclave at Srinagar International Airport
February 24, 2026
