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Friday, 30 December 2016

Modi government makes it illegal to hold old notes post March 31

The Cabinet today endorsed proclamation of a mandate to force a punishment, including a prison term, for ownership of the rejected 500 and 1,000 rupee notes past a cut-off.

The Cabinet headed by Prime Minister Narendra Modi likewise endorsed a mandate to correct the RBI Act to douse the risk of the administration and the national rely upon the demonetised high-category notes to counteract future suits.

Official sources said the statute has been cleared, yet

While reporting the demonetisation of the old money on November 8, the legislature had permitted holders to either trade them or store in bank and mail station accounts. While the office to trade the old notes has since been pulled back, contributors have time till Friday to store the holding in their records.