Beware! Govt plans heavy fine on possession of banned notes

New Delhi: The government is planning an ordinance to bring a new law. According to this law possessing, transferring or receiving an amount of over Rs 10,000 in banned 500 and 1000 notes will be a punishable offense.

Sources said that the ordinance has to be issued before December 30.

Punishment for breaking the proposed law is still to be finalized, but sources said a fine of a minimum of Rs. 50,000 or five times the amount in question,whichever is higher .

There will be a criminal liability and a municipal magistrate will hear cases involving violation and decide on penalty.

Prime Minister Narendra Modi announced demonetization on November 8.

After that the government had said exchange of old notes would be allowed at RBI offices till March 31, 2017.

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