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Keeping more than 10 old Rs 500 and Rs 1,000 notes post March 31 will land you in jail
The Union government today approved an ordinance on demonetization which is expected to bring a much needed clarity on note ban.

This ordinance extinguishes the liability of the government and the RBI on the demonetized old high denomination notes of Rs 500 and Rs 1,000. According to the ordinance, hoarding, transferring or receiving banned Rs 500 and Rs 1,000 notes after March 31, 2017 will attract punishment. However, an individual has been allowed to keep a maximum of 10 such notes.

The ordinance further says:

  • After December 30, only a few selected branches of RBI will accept old Rs 500 and Rs 1,000 notes.
  • If an individual deposits old notes with RBI after December 30, he/she would be required to submit a declaration explaining why couldn't the currency be deposited in the allowed timeframe. 
  • In case someone is physically not able to go to a designated RBI branch till March 31, 2017, he or she can send the currency trough an insured post along with a declaration of the reason for not coming and also explaining the reason for delay in depositing the notes. 
  • A punishment for keeping more than 10 old notes post March 31, 2017. 
  • A 4-year jail term for a person found in possession of more than 10 old Rs 500 and Rs 1,000 notes. A fine of Rs 5,000 for those who are caught transacting with such old notes. 

The Modi government had allowed people to exchange their old 500 and 1,000 rupee notes from banks and post offices while announcing the demonetization scheme on November 8. Although this facility was withdrawn a few days back, depositors have time till Friday (December 30) to deposit the discontinued currency in their bank accounts.

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