Cabinet clears ordinance against holding old currency notes
Wednesday, 28 December 2016 (15:26 IST)
New Delhi: Two days ahead of the deadline for depositing withdrawn notes of Rs 500 and Rs 1000, the Union Cabinet today approved an ordinance to penalise those who will be holding the old notes. The move comes in the wake of demonetisation of high value currency notes aimed at curbing black money and fake currency as well as tackling the menace of corruption and terrorist funding.
The meeting chaired by Prime Minister Narendra Modi approved the ordinance against holding the banned currency notes after the stipulated time frame is over, Government sources said. The announcement regarding recall of the high value notes was made by Mr Modi in his address to nation on November 8. (UNI)
