The Cabinet today cleared promulgation of an Ordinance to penalise persons holding demonetised Rs 500 and Rs 1,000 notes after 31 March, when the deadline to deposit these notes at the RBI window ends.
As per the ordinance named the Specified Bank Notes Cessation of Liabilities Ordinance, holding these notes after 31 March deadline would be a criminal offence.
According to government sources cited by CNBC-TV18, those who hold old notes after 31 March is likely to face 4-year jail term and also those who transact in old notes is likely to face a penalty of Rs 5,000.
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