Submitted by business_centrik on 28/12/2016

The penalties will be imposed on anyone who possess old Rs 500 and Rs 1000 notes post December 30, as the last date to deposit the demonetised money in banks would expire on this date. Only selected RBI branches would accept old currency of Rs 500 and Rs 1000 after December 30. In case a person submits old notes in RBI post December 31, he/ she will have to submit a declaration, citing reason for not submitting it in the given time frame. A fine of Rs 5000 will be levied on people who would indulge in any transactions using old currency. The ordinance, named as ‘The Specified Bank Notes Cessation of Liabilities Ordinance’, will remove liability of government and RBI on the demonetised Rs 500 and Rs 1000 notes. According to the sources, possessing old currency post March 31 could lead to a imprisonment for four years.