Ownership and exchange of more than Rs. 10,000 in banned notes will be culpable under the new law.
NEW DELHI: The administration is arranging a statute or official request to bring another law under which having, exchanging or getting a measure of over Rs. 10,000 in banned 500 and 1,000-rupee notes will be a culpable offense. The greatest number of banned notes, of any group, that a man will be permitted to have is 10.
The law must be issued before December 30, the due date for individuals to store old notes that they are holding in their financial balances, sources said.
Discipline for infringing upon the proposed law is still to be finished, yet sources said a fine of at least Rs. 50,000 or five circumstances the sum being referred to - whichever is higher - is likely. There will be a criminal obligation and a metropolitan judge will hear cases including infringement and choose punishment.
The draft statute incorporates proposals of the focal top managerial staff of the Reserve Bank. After December 30, banned notes must be specifically kept in the Reserve Bank of India or RBI and an elegance period will be determined later.
Head administrator Narendra Modi banned 500 and 1,000-rupee notes on November 8 with a mean to flush out dark cash and stop government evasion and falsifying of notes. The move took out 86 for every penny of cash available for use or Rs. 15.44 lakh crore. More than 13 lakh crores in old notes has as of now came back to the saving money framework in stores, the RBI has said.
With the administration limiting the measure of cash that individuals could store without investigation or trade over the counter at banks and post workplaces after the sudden boycott, there were reports of individuals with undeclared money blazing banned notes, submitting them in sanctuaries or just deserting them. There was give an account of old notes gliding down the stream Ganga.
The legislature has offered a one-time window for individuals to store their undeclared cash in old notes and pay 50 for every penny in assessment and punishment. On the off chance that they are gotten by the taxman, they will pay just about 90 for every penny of the sum they have.
A move a week ago to confine stores of old notes in the most recent few days before the due date to 5,000 rupees without inquiries being asked, was pulled back a week ago.