Cabinet Passes Ordinance To Make Possession Of Scrapped Notes After 31 March IllegalDemonetised notes of Rs 500 and Rs 1,000

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

An Appeal...

Dear Reader,

As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.

Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.

We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.

Becoming a Patron or a subscriber for as little as Rs 1200/year is the best way you can support our efforts.

Become A Patron
Become A Subscriber