Telangana News

As the deadline to exchange the old notes is just 2 days away, the Central government today approved an ordinance that imposes penalties for possessing old banned notes Rs. 500 and Rs. 1000 notes, beyond a certain limit and carrying the transactions with them.

The ordinance says that, anyone possessing the banned notes after March 31 2017 will have to face a 4 year jail term. Adding to it, if they indulge in any transactions with those notes, they have to pay a penalty of Rs. 5000.

Reacting to the ordinance, Supreme Court Senior Advocate, HP Ranina said that it is an exaggerated punishment. He further opined that this ordinance could likely be exchanged.  

Rs. 15.4 lakh crores of money is in circulation in the country, but Rs. 3 lakh crores is yet to be deposited in the banks. This itself says that, all the undeposited money is black money. But as the black money holders would not be able to show the proofs while depositing the money, there are more chances for such money not reaching the banks. Speculating this on the before hand, it should be seen Centre’s latest decision would bring back all the old currency into the banks or not.