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Know what can happen to you for keeping more than 10 banned notes after Dec 30

Are you still holding more than 10 banned notes? If then be careful as after Friday the act can put you in trouble. NDTV reported that it will be a crime to have more than 10 banned notes after Friday, under a new rule approved by the government.

The ground work has already been prepared with the Cabinet already clearing an ordinance or executive order. Following which it is to be sent to the President for his sign-off. The report said there may be a fine of at least 50,000 rupees or five times the amount caught — whichever is higher. A magistrate will hear cases involving violation and decide on the punishment.

It was on November 8 in a televised address to the nation, Prime Minister Narendra Modi announced ban on Rs 500 and 1,000 in a move to fight corruption. Also restrictions on daily withdrawal was put leading to long queues at ATMs and banks.

Since then people were asked to deposit old notes in the bank. The scheme continued until December 30 with a rider that people holding on the notes due to exceptional circumstances can deposit them at the RBI or Reserve Bank of India.

The note ban had sparked war of words between ruling party and the opposition headed by the Congress. Congress Vice President Rahul Gandhi on Wednesday continued his attack on Prime Minister Narendra Modi over demonetisation.

“On November 8, Modiji said he is performing a ‘yagya’ against corruption and black money. In every yagya someone’s sacrifice is done and every yagya is done to benefit someone. The demonetisation ‘yagya’ is for 50 families of the country’s 1 per cent super rich. It is the poor, farmers, labourers, middle class and small shopkeepers who are being sacrificed in this ‘yagya’. There has been tremendous pain caused by it,” he said presiding over Congress Party’s 132nd Foundation Day celebrations.

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