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President approves promulgation of Specified Bank Notes Ordinance; holding old notes now a crime

Ordinance Provides For, Among Others Provisions, To Prevent Any Continued Parallel Transactions With The Old Notes Of Rs 500 And Rs 1,000 Denominations By Unscrupulous Element After December 31.

News Nation Bureau | Edited By : Arshi Aggarwal | Updated on: 30 Dec 2016, 08:01:07 PM
President approves promulgation of Specified Bank Notes Ordinance; holding old notes now a crime (File photo)

New Delhi:

The President of India Pranab Mukherjee has approved the promulgation of the Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016.

Ordinance provides for, among others provisions, to prevent any continued parallel transactions with the old notes of Rs 500 and Rs 1,000 denominations (Specified Bank Notes-SBNs) by unscrupulous element after December 31. 

After the speciified deadline, holding, transferring and receiving SBNs will attract a fine of Rs 10,000 or five times the amount of the face value of the SBN involved in the contravention, whichever is higher.

However, no jail-term will be given to those found in possesion of old notes. 

Also read:

No jail term for keeping demonetised currency, minimum fine to be Rs 10,000

Modi Cabinet approves ordinance to penalise people holding junked Rs 500, Rs 1,000 notes | Top Highlights

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First Published : 30 Dec 2016, 07:55:00 PM

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