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| Centre Notifies Law To Make Possess |
| Centre Notifies Law To Make Possession Of Banned Notes Punishable
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| INDIA
, 1-March-2017
5:14:49 AM |
| The government has notified the law that makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs. 10,000.
The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs. 500/1,000 notes that have been demonetised.
The law, signed by President Pranab Mukherjee on February 27, also provides for a minimum fine Rs. 50,000 for false declaration by persons who were abroad during the demonetisation period (November 9-December 30, 2016) and given time to deposit such scrapped notes with Reserve Bank of India till March 31.
With the law coming into force, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose will be a criminal offence, attracting fine of Rs. 10,000 or five times the cash held, whichever is higher.
The Act also ends the liability of the Reserve Bank an
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