Demonetisation law passed: Keeping ban notes will land you in jail!!

New Delhi: The Cabinet today passed an ordinance that says all the persons keeping ban notes of Rs 500 and Rs 1,000 will be penalised and imprisoned if they are found with the old currency after the scheduled deadline to deposit old notes ie 31st March.

According to the law which is named as Specified Bank Notes Cessation of Liabilities Ordinance, all those people keeping more than 10 old notes after 31st March which is the deadline of depositing the notes in the bank would be considered as a criminal said a media report.

The cabinet today approved in passing on an ordinance to imprison, including a penalty for the owned old notes of Rs 500 and Rs 1,000 beyond a limit.

Headed by Prime Minister Narendra Modi the Cabinet also agreed on an law to make changes in the RBI Act to turn down the liability of the central bank and the government on the scrapped notes to ward off future litigations.

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