Wednesday, 28 December 2016

4-year Jail, Rs 5000 penalty if you use old notes after March 31

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With two days to go for December 30 deadline to deposit demonetised notes of Rs 500/1000, the Centre on Wednesday approved an ordinance that imposes penalties for possessing old notes beyond a certain limit and indulging in transactions with junked notes of Rs 500 and Rs 1000. According to the ordinance anyone possessing old notes post March 31, 2017 will have to face 4-year jail term and those involved in transactions have to pay a penalty of Rs 5000. It is an exaggerated punishment.

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