 "A person stands with his documents to exchange old high denomination bank notes")
The government on Thursday clarified that there would be no jail term for holding the old Rs 500 and Rs 1,000 currency notes, which had been demonetised following an announcement by Prime Minister Narendra Modi on November 8. However, the minimum fine for holding such notes beyond March 31 next year would be Rs 10,000, according to news agency PTI.
A day after the Union Cabinet approved its promulgation, an ordinance to penalise holders of old Rs 500 and Rs 1,000 notes is set to go to President Pranab Mukherjee shortly. The ordinance is to become effective from December 31.
