The government is passing a new law under which the processing, transferring, receiving over Rs 10,000 in banned 500 and 1,000-rupee notes post December 30 will be a punishable offence.
The violation of rules could draw a fine of a minimum of Rs. 50,000 or 5 times the amount in question — whichever is higher, but there was no confirmation. There will be a criminal liability and a municipal magistrate will hear cases involving violation and decide on the penalty.
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Holders of the currency have an option to deposit the money to RBI by 31st March. There has been no officials word on the move which is likely to come up before the Cabinet on Wednesday.
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In 1978, the same ordinance was issued to end the government’s liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetized by the Janata Party government under Morarji Desai.
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While the facility to change the old currency has been withdrawn, depositors have time till Friday to deposit the holding in their accounts. The Garib Kalyan Yojana people have time until March 31, 2017, to disclose their illegal property and pay 50% tax.