 "No jail term for holding demonetised notes")
The government on Thursday clarified that there would be no jail term for holding the old Rs 500 and Rs 1,000 currency notes, which had been demonetised following an announcement by Prime Minister Narendra Modi on November 8. However, the minimum fine for holding such notes beyond March 31 next year would be Rs 10,000, according to news agency PTI.
A day after the Union Cabinet approved its promulgation, an ordinance to penalise holders of old Rs 500 and Rs 1,000 notes is set to go to President Pranab Mukherjee shortly. The ordinance is to become effective from December 31.
A day after the Union Cabinet approved its promulgation, an ordinance to penalise holders of old Rs 500 and Rs 1,000 notes is set to go to President Pranab Mukherjee shortly. The ordinance is to become effective from December 31.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%