Cabinet clears notes ban ordinance, slaps hefty fine on possession of old notes beyond March 31, 2017
The Government fixed a fine of Rs. 50,000 for keeping more than old Rs. 500 and Rs. 1,000 notes beyond the stipulated date.
The ordinance thus formalised demonetisation, which was an executive decision announced on November eight.
The ordinance ends the Government and the Reserve Bank of India's liability towards the promise to pay the bearer of these notes their value because of a statutory requirement.
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