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Holding Old Notes Post December 30 May Attract Penalty

Holding Old Notes Post December 30 May Attract Penalty

Wednesday, December 28, 2016, 10:24 AM

Government may bring in a law to penalize citizens, holding huge amounts of scrapped INR 500 and INR 1000 rupee notes, after December 30th 2016. The Government could impose penalties on citizens, holding more than 10 such old currency notes. Violation of the rule could attract a fine of a minimum of INR 50,000 or 5 times the amount in question, whichever is higher.
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