Keeping junked Rs 500, 1000 notes after Dec 30 may cost your dear!

New Delhi: The Union Cabinet on Wednesday passed an ordinance named the Specified Bank Notes Cessation of Liabilities Ordinance. The ordinance deals with deadline on deposition of old currency notes and also intends to prevent future litigation against the government junking Rs 500 and Rs 1000 notes.

A penalty will now be imposed on people for possessing certain quantity of old notes after December 30, say sources.

Further, it also intends to bring in provision to ensure that certain category of people can still deposit the old notes in RBI branches between December 31 and March 31 next and these categories may include people in armed forces, people who were abroad and ordinary citizens who can explain that the money is part of their legitimate income and they could not deposit it in banks due to some reasons.


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