An ordinance was approved by the cabinet today (28 December) to term as illegal the possession of demonetised Rs 500 and Rs 1,000 notes beyond 31 March 2017, and hold as criminal offence people contravening its provisions.
The ordinance, approved by the cabinet meeting chaired by Prime Minister Narendra Modi, also seeks to extinguish the liability of the government towards bearers of such notes. People can deposit old notes in banks up to 30 December and with the Reserve Bank of India up to 31 March next year.
Official sources said the ordinance, called ‘The Specified Bank Notes Cessation of Liabilities Ordinance’ -- will be sent to President Pranab Mukherjee, currently in Hyderabad, for approval before notification.
With inputs from IANS
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