New Delhi: As the deadline to deposit the demonetised currency notes nears its end, the Centre on Wednesday in a cabinet meeting approved an ordinance on the deadline to deposit the banned notes.
According to sources, the name of the ordinance is ‘The Specified Bank Notes Cessation of Liabilities Ordinance’.
With the ordinance being approved, there will now be a penalty and a jail term for holding old notes after March 31.
Prime Minister Narendra Modi on November 8 had announced the banning of old Rs 500 and Rs 1000 currency notes to crackdown on black money, corruption, counterfeit currency and moving India towards digital economy.
The old notes were replaced by new Rs 500 and Rs 2000 notes. The deadline to deposit the demonetised notes in banks and post offices is December 30, while in RBI is March 31.
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