NEW DELHI: Fifty days after the legislature banned a large portion of the trade out course all of a sudden, the due date to store prohibited 500 and 1,000-rupee notes close today. From tomorrow, it will be illicit to have old notes notwithstanding exemptions.
The money crunch and lines at ATMs may proceed with on account of the enormous interest for new bills. Leader Narendra Modi is required to address the country tomorrow on New Year’s Eve on the notes boycott, which was declared a month ago as a major move to check dark or undeclared cash.
The law on demonetised coin does not propose a correctional facility term for those holding more than 10 trashed notes after the last 31 March 2017, due date, however, forces a base fine of Rs 10,000.
The draft statute, which will be sent to President Pranab Mukherjee for his consent, will come into compelling from 31 December.
There was a proposition for endorsing a four-year imprison term, however, the draft mandate does not contain any such arrangement.
Those keeping the trashed notes for study, research or numismatics purposes would be excluded from punishment gave they hold not more than 25 number of such notes regardless of the division.
Moreover, individuals approved by RBI or its organizations or those holding trashed notes under bearings of a court would likewise not be punished, according to Section 5 of the draft law.
It accommodates making the holding of old Rs 1,000 and 500 notes after 31 March a criminal offense that will draw in a fine of Rs 10,000 or five circumstances the money held, whichever is higher.
As indicated by Section 6 of the ‘Predefined Bank Notes Ordinance, 2016’, whoever purposely and wilfully makes any false presentations with respect to trashed notes would be at risk for a fine which may stretch out to Rs 50,000 or five circumstances the measure of the face estimation of determined monetary certificates offered.
