Union Cabinet Today endorsed a law to rebuff the general population as yet utilizing rejected Rs 500 and Rs 1000 cash notes after December 31st, 2016.
PM Narendra Modi-headed Cabinet has given its agree to an ordinace to amend RBI Act to deliver conceivable issues relating to banned higher category notes. This statute has been sent to President Pranab Mukherjee for endorsement. Later, The mandate will tabled in Parliament amid the Budget Session as another law.
In the event that old cash was in control of a person in overabundance of 10 notes,Then he/she will face a jail term of up to 4 years and a punishment of Rs 5000 to be forced
Out of Rs 15.4 lakh crore coin in Rs 500 and Rs 1000 notes, Around Rs 14 lakh crore have been kept in this way. The due date to store the old notes closes on December 30th, 2016. Store of old notes at the branches of the RBI will be permitted simply in the wake of presenting a revelation frame by Dec 31st this year.