Possession of scrapped banknotes now a penal offence

Currency notes carry RBI’s promise to pay the bearer the amount of the value of the note, a pledge that can be nullified only by legislation after giving due opportunity to everyone to return old notes.

Sources said the proposal put to the Cabinet was for a four-year jail term for anyone possessing a number of demonetised currency after March 31, 2017, but it was not immediately clear if it was approved.

The Ordinance will have to be sent to the President and after his assent will come into force.

From Agencies, Feature image courtesy india.com