In a recent development by the government, which states that from now on, who will be caught holding old currency notes of Rs 500 and Rs 1000 will have to face a deep trouble which includes a jail term of up to 4 years.
The cabinet on Wednesday has approved the ordinance to impose a penalty on persons who will be caught holding banned Rs 500, 1000 notes. The maximum number of old currency notes that a person can allowed to have is only 10.
If anybody found holding more than 10 discounted notes than the person can be in serious trouble which can end upto 4-year jail term with a fine of Rs. 50, 000.
Sources said that the ordinance headed by the Prime Minister Narendra Modi has been cleared , but it was not cleared that the provisions would apply after December 30 or after March 31.
However, after December 30, old currency notes will only be accepted by Reserve Bank of India.