image
Cabinet clears notes ban ordinance, slaps hefty fine on possession of old notes beyond March 31, 2017
New Delhi, Dec 28 (IBNS) : The Union Cabinet on Wednesday cleared the ordinance on criminal liability for keeping old high-denomination notes, specifying that the currencies will stand illegal beyond March 31, 2017, reports said.
The Government fixed a fine of Rs. 50,000 for keeping more than old Rs. 500 and Rs. 1,000 notes beyond the stipulated date.
The ordinance thus formalised demonetisation, which was an executive decision announced on November eight.
The ordinance ends the Government and the Reserve Bank of India's liability towards the promise to pay the bearer of these notes their value because of a statutory requirement.
Top Headlines
-
News
NEET-UG to shift to Computer-Based test mode from 2027, says Dharmendra Pradhan; experts welcome move
May 17, 2026
-
News
Blaze on Rajdhani Express sparks panic near Kota, passengers escape unhurt
May 17, 2026
-
News
Sona College of Technology launches Sona ChipIN Centre with latest semiconductor EDA tools
May 16, 2026
-
News
ECI announces third phase of SIR; Himachal, J&K, Ladakh excluded for now
May 14, 2026
-
News
Putin unleashes Satan 2: Russia tests ICBM with 35,000 km range
May 13, 2026
-
News
2 killed, 3 critically injured in multi-storey building fire in Kolkata's Tiljala
May 12, 2026
-
News
Who after Mamata in Bengal? Amit Shah to meet BJP MLA-elects ahead of May 9 oath
May 06, 2026
-
News
Mamata Banerjee refuses to 'resign', calls EC 'villain'
May 05, 2026
-
News
Bengal trends: BJP on course to form government
May 04, 2026
-
News
Bangladesh MP warns of refugee crisis if BJP wins West Bengal polls
May 01, 2026
