Holding old notes is illegal: Here is what the new law states


1000The government on Wednesday notified a law which said that holding of more than 10 demonetised notes would be punishable with a minimum fine of Rs 10,000.

The Specified Bank Notes (Cessation of Liabilities) Act, 2017 which was passed by Parliament in February also provides for a minimum fine of Rs 50,000 for false declaration by persons who were abroad during the demonetisation period of November 9 and December 30, 2016 and given time to deposit such notes with the RBI until March 31.

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Author: Vicky Nanjappa

just a reporter

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