NEW DELHI, Dec 28: The Cabinet has cleared the promulgation of an ordinance with the aim of penalising those found holding the junked Rs 500 and Rs 1,000 currency notes after the deadline ends. The ordinance will extinguish the liability of the government and the Reserve Bank of India on the demonetised notes.
The penalty for holding junked notes in excess of 10 notes may attract financial fines and a jail term of up to four years in certain cases, reports said.
|