Tough penalty on holding of old notes ? Govt. Sources
NEW DELHI : With the old Rs 500 and Rs 1000 currency notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes.
According to Finance Ministry sources , the government is planning for a new ordinance on holding of old notes and is likely to come up with it before December 30.The government is also likely to impose tough penalty on holding of old notes, the report said.
If at all the government has to come with the new ordinance, it has to be done before December 30 considering that post this date, the demonetised currency notes of Rs 500 and Rs 1000 will become completely illegal.
Earlier on November 8, in a move to fight corruption and black money, the government demonetised the old notes of Rs 500 and Rs 1000 making them illegal tenders.
However, the government permitted that these old notes could be either exchange or deposited at the banks up to a certain limit till December 30, 2016 following which they would become completely illegal.
As per latest, individuals can withdraw up to Rs 24,000 per week or Rs 2,500 per day while the exchange of old notes over the counter has been completely banned. Customers can, however, exchange old notes at the RBI over-the-counter desk.
And even as the window for depositing demonetised notes ends on December 30, the restrictions on cash withdrawal from banks and automated teller machines (ATMs) are expected to continue for a little longer.
As for deposits, the RBI clarified that no questions would be asked either in case of one-time or repeat deposits if the accounts are KYC-compliant in case of deposits over Rs 5000.
