Modi government makes it illegal to hold old notes post March 31

[Kool_SRG]

The Cabinet on Wednesday approved an ordinance making it illegal to hold old Rs 500 and Rs 1,000 notes post March 31. 

It has also proposed penalty and imprisonment for those holding old currency post the duration. The ordinance is to extinguish liability of government and RBI on the demonetised high-denomination notes. 

The government issued the ordinance to provide clear legal support for extinguishing the demonetised Rs 500 and Rs 1,000 notes that are not returned by December 30. 

The government wanted to amend the Reserve Bank of India Act to this effect and ordinance route was opted for as Parliament would not be in session immediately after the last day of surrender. 
 

More details are awaited.

 

[lazybugger]

what about March 31 deadline?

what a bunch of arseholes.

[yomama]

wonderful

[Kool_SRG]

Ordinance cleared, those holding scrapped notes may face fine, 4-year jail term

The ordinance will extinguish the liability of the government and the Reserve Bank of India on the demonetised notes.

The Cabinet has cleared the promulgation of an ordinance with the aim of penalising those found holding the junked Rs 500 and Rs 1,000 currency notes after the deadline ends. The ordinance will extinguish the liability of the government and the Reserve Bank of India on the demonetised notes.

A senior government official had told The Indian Express that putting a cap on the deposit of the old notes on December 30 will help the government in better estimating the money coming back into the system and help it in making projections for the Union Budget 2017-18. The official added that a three month window between January 1, 2017 and March 31, 2017 for deposit of old currency notes in specified offices of the RBI will remain open, but only for exigencies.

Official sources told PTI they were unsure whether the penal provisions would apply for holding the junked currency after the 50-day window to deposit them in banks ends as of December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open.

The penalty for holding junked notes in excess of 10 notes may attract financial fines and a jail term of up to four years in certain cases.

In 1978, the then government under Morarji Desai had issued a similar ordinance to end the government’s liability after Rs 1,000, Rs 5,000 and Rs 10,000 currency notes were withdrawn.

The government had announced the demonetisation move on the night of November 8 in a bid to flush out black money, cut down on corruption and eliminate terrorist funding from counterfeit notes. December 30 was the deadline specified by the Centre for people to deposit/exchange old notes. Since then, while exchange of notes has been stopped, deposit of the scrapped currency can still be done at banks till Friday.

 

[Kool_SRG]

Holding old Rs 500, Rs 1000 after March 31 to be illegal; Modi Cabinet approves note ban ordinance

The Union Cabinet today approved an ordinance that would end the government's and the RBI's liability on demonetised notes after March 31, 2017

The Union Cabinet today approved an ordinance that would end the government’s and the RBI’s liability on demonetised notes after the end of the March 31, 2017 deadline, according to reports. After December 30, the banned notes could be deposited only through RBI-specified windows until March 31. ANI quoted sources as saying that name of the ordinance is ‘The Specified Bank Notes Cessation of Liabilities Ordinance’.

PTI reported that the Union Cabinet chaired by Prime Minister Narendra Modi also approved an ordinance to penalise people found holding banned notes after March  31, 2017. The penalty for holding old currency in excess of 10 notes may include financial fines and a jail term of up to four years in certain cases.

The government wanted to end the liability of the government and RBI on banned notes post March 2017 to avoid legal complications in future. However, it is not yet clear if the penal provisions would apply for people found holding the banned notes after the 50-day window to deposit them in banks ends on December 30 or after March 31, till which time deposit of old currency notes at specified branches of the Reserve Bank after submitting a declaration form is open.

The Ordinance also has a provision that would allow a certain group of people to deposit banned notes at RBI branches between December 31 and March 31. Reports said such groups of people may include those belonging to armed forces, Indians living abroad and ordinary citizens who can prove that the money is part of their legitimate income and they could not deposit it in banks due to some reasons.

A similar ordinance was issued in 1978 to end the government’s liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the then Janata Party government led by Prime Minister Morarji Desai.

In a bid to curb the menace of black money, corruption and terrorism, Prime Minister Narendra Modi had announced the government’s decision to demonetise old Rs 500 and Rs 1000 notes on November 8.

The government had also provided 50-days time to people to exchange their old notes. The decision, however, came as a shock to many and affected livelihoods of scores of people. The government says that problems of people would start ending after the 50 days.

[yomama]

racha po, nobody fathers listenings 

[JANASENA]

3 hours ago, yomama said:

racha po, nobody fathers listenings 

Baa mana dost vachindu 

[Luke]

oka note uncha nenu

[yomama]

6 hours ago, JANASENA said:

Baa mana dost vachindu 

#papamNarsi 😂😂

[solman]

unchukunte vadiki emi problem oooo... pichi flute rule 

[Mr Mirchi]

31st numdi invalidate ithe march dhaka whyyyyyyy 31 st numdi kuda old to new cheyyochaaaa ... wat is this kitikiri gap , YES i ask all these questions

 

 

[micxas]

Teginchina modi ki threat ee lingam 

[SonaParv_522]

3 minutes ago, Mr Mirchi said:

31st numdi invalidate ithe march dhaka whyyyyyyy 31 st numdi kuda old to new cheyyochaaaa ... wat is this kitikiri gap , YES i ask all these questions

 

 

march varaku reserve bank accept chestadi. aa tharvaathi only ganga, yamuna lanti banks ee accepted.

[yomama]

14 minutes ago, SonaParv_522 said:

march varaku reserve bank accept chestadi. aa tharvaathi only ganga, yamuna lanti banks ee accepted.

[Hitman]

1 hour ago, solman said:

unchukunte vadiki emi problem oooo... pichi flute rule 

same doubt.. pundits please help