Fri, Mar 24, 2017 | updated 07:43 AM IST

Cabinet clears ordinance to penalise persons with old currency notes

Updated: Dec 28, 2016 17:48 IST

New Delhi [India], Dec. 28 (ANI): The Cabinet on Wednesday approved promulgation of an Ordinance to make possession of a large number of scrapped banknotes a penal offence making holding of old Rs. 1,000 and 500 notes after March 31st beyond a threshold amount a criminal offence.

The possession will attract a monetary fine of Rs. 10,000 or five times the cash held, whichever is higher. The Specified Bank Notes Cessation of Liabilities Ordinance also provides for amending the Reserve Bank of India Act to provide legislative support for scrapping the demonetised banknotes that are not returned.

The last date for depositing old currency notes in bank accounts and post offices is expiring on Friday and thereafter, people can deposit such notes only in the RBI after giving valid reason for being unable to do so during the 50 day period as announced by Prime Minister Narendra Modi on November 8.

Furnishing wrong information while depositing the old currency between January 1 and March 31 will attract a fine of 5,000 rupees or five times the amount.

The Ordinance will come into force once it gets Presidential assent. Of the 15.4 lakh crore rupees worth of currency that was scrapped, about 14 lakh crores rupees have been deposited in banks or exchanged. (ANI)

New Delhi [India], Mar. 24 (ANI): The Supreme Court will today hear on a number of issues concerning the Board of Control for Cricket in India (BCCI), including the implementation of the Justice Lodha panel recommendations and the centre seeking the restoration of voting rights of the Railways, Services and the Association of Indian Universities.

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New Delhi [India], Mar. 24 (ANI): The Central Bureau of Investigation (CBI) will today file a final report before the Patiala House Court in connection with the coal scam case against Congress leader and industrialist Naveen Jindal besides others.

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Updated: Mar 24, 2017 06:34 IST

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Rahul Gandhi not a political material: BJP

Updated: Mar 24, 2017 05:25 IST

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New Delhi/Mumbai [India], Mar. 24 (ANI): Expressing the opinion that Shiv Sena MP Ravindra Gaikwad should have filed a complaint instead of hitting the national carrier Air India staffer, the Congress on Friday said the law should take its course.

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MARD to continue its strike

Updated: Mar 24, 2017 02:12 IST

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Hubli (Karnataka) [India], Mar. 23 (ANI): As many as four pregnant women were carried on a single stretcher in a state government hospital in Karnataka's Hubli district on Thursday.

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PM Modi greets Sharif on Pakistan Day

Updated: Mar 23, 2017 21:05 IST

New Delhi [India], Mar. 23 (ANI): Prime Minister Narendra Modi on Thursday sent greetings to his Pakistan counterpart Nawaz Sharif on Pakistan's National Day via a letter.

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