The due date for depositing banned currency notes has nearly come to an end. During the exchanging and depositing old notes phase, Government made lots of changes in the rules, almost everyday. Now, the Center has introduced one more rule according to which, it will be a crime to keep more than 10 banned notes in any currency. The ordinance is already passed by Centre and is further due for President’s seal.
To recall, Prime Minister Narendra Modi banned Rs. 500 and Rs. 1000 banknotes on November 8 as a fight against corruption. Government provided enough time to the people of the country to deposit or exchange their currency by visiting nearby bank or post office branch. A lot of rule were introduced on daily basis to handle the pressure and to tackle the currency crisis situation. A lot has happened since then. If you want to give yourself a flashback, then, click here.
Now, as per the latest rule, people are not allowed to hold more than 10 old notes. If caught, you will be fined Rs. 50,000 or five times the amount caught, whichever is higher. The punishment will depend on the decision of the magistrate as the case involving such violation will be handled by the magistrate.
After December 30, people who were unable to deposit their currency because of certain exceptional circumstances will be allowed to deposit the ame by visiting any RBI (Reserve Bank of India) branch.
The new rule has been passed because it will be impossible for anyone (except black money holders) to have more than 10 banned notes as according to RBI, more than 13 lakh crore in old currency has already been returned to the system as deposits or exchange. The government’s decision of banning Rs. 500 and Rs. 1000 banknotes took out almost 86 percent of the money in circulation.