India took its citizens by surprise last month when it invalidated the most circulated currency notes. Now, it is making it a criminal offence to possess those tender bills.
The country’s government today approved an ordinance to impose penalties on anyone who has more than 10 bills of the demonetized Rs 500 ($7.3) and Rs 1,000 ($14.6) currency notes after March 31.
Those found guilty would be subjected to legal actions such as jail time of up to four years and monetary fines, the ordinance says.
The Cabinet, headed by Prime Minister Narendra Modi, also approved an ordinance to amend the RBI Act to call a halt to government and the central bank’s liabilities on the demonetized notes. Read more…