Cabinet promulgates Ordinance with 4yr Jail term for holding Old Notes

Government promulgated an ordinance with a provision of 4-year jail term for holding the junked Rs 500 and Rs 1000 notes after December 30.

According to the new rule approved by the Government today, a person will be allowed to hold maximum 10 number of banned currency notes. Having more than 10 banned notes will become a criminal offence.

Earlier, the government had announced to exchange or deposit old currency notes in bank and post office accounts before December 30.