[What's the BIG idea? Is it meant to persecute selected targets by planting old notes on the victims?]
http://www.news18.com/news/india/holding-on-to-junked-notes-to-invite-minimum-rs-10000-fine-no-jail-term-1329171.html Holding on to Junked Notes to Invite Minimum Rs 10,000 Fine, No Jail Term First published: December 29, 2016, 5:46 PM IST New Delhi: Possession of more than 10 junked Rs 500 and Rs 1,000 notes will be a penal offence punishable with a minimum Rs 10,000 fine, but the harsher four-year jail term has been dropped. The Specified Bank Notes Cessation of Liabilities Ordinance, approved on Wednesday by the Cabinet headed by Prime Minister Narendra Modi, allows individuals to hold no more than 10 notes of the old currency. It allows 25 such currencies to be held by research scholars. Top sources said the ordinance, which will be sent to the President for his assent shortly, will come into effect from December 31. It provides for making holding of old 1,000 and 500 rupee notes after March 31 a criminal offence that will attract a fine of Rs 10,000 or five times the cash held, whichever is higher. Furnishing wrong information while depositing the old currency between January 1 and March 31 — a window provided only for exigencies — will attract a fine of Rs 5,000 or five times the amount, whichever is higher. The ordinance also provides for amending the Reserve Bank of India (RBI) Act to provide legislative support for extinguishing the demonetised banknotes that are not returned. The 50-day window for depositing the old notes in bank accounts and post offices expires on Friday. Sources said the proposal for a four-year jail term for anyone possessing large number of demonetised currency after March 31, 2017 was not approved. The ordinance, which will have to be converted into proper legislation by passing of a law in Parliament within six months, makes possession, transfer or receiving an amount of over Rs 10,000 in the now-demonetised 500 and 1,000-rupee notes a punishable offence. (With PTI inputs) -- Peace Is Doable -- You received this message because you are subscribed to the Google Groups "Green Youth Movement" group. To unsubscribe from this group and stop receiving emails from it, send an email to [email protected]. To post to this group, send an email to [email protected]. Visit this group at https://groups.google.com/group/greenyouth. For more options, visit https://groups.google.com/d/optout.
