Demonetisation: Union Cabinet meeting to clear note ban ordinance today

The Union Cabinet meeting today is likely to take up an ordinance to end the legal tender of the demonetised Rs 500 and Rs 1,000 notes, media reports say. The ordinance will also likely specify the date when the notes will become illegal, which is widely speculated to be 30 December.

There have also been reports saying the ordinance is likely to impose penalties on anyone possessing the junked notes beyond 30 December when the deadline to deposit them in banks expires.

However, there has not been any official word on the move.