Impose fine one keeping old notes over Rs 10,000, Modi Government
New Delhi, Modi Government: The central government is in proposal to ban people from keeping the old notes of Rs 500 and 1000 to certain limit.
As per reports from NDTV, It is planning a take out an ordinance, that keeping this notes of Rs 1000 and 500 in more than 10 can be punishable. Under the new law keeping, giving someone or receiving an amount of over Rs 10,000 in banned 500 and 1,000-rupee notes will be a punishable offence. The report also says this can be done before 30th December.
Punishable: The punishment is not decided yet it can be a minimum of Rs 50,000 or five times the amount in question.
After 30th December this old denomination notes can be only deposited in the reserve Bank of India only and a grace period is will be decided later.
The central government has banned to old notes on 8th November and the last date of deposit is 30 December, another 3 days to go. The central government had many changes after this on withdrawal from ATMs, banks, on deposit of this notes from time to time in order to sync with the people’s expectations. Similarly
This Demonetisation has already taken out 86 per cent of money in circulation or Rs 15.44 lakh crore. Around 13 lakh crores in old notes has already returned to the banking system in deposits, the RBI has said.
Ever since the demonetisation, The Income Tax department and the Enforcement Directorate are conducting Income Tax raids all over the country and each day lakhs of money is being caught.