Union Home Minister Rajnath Singh today said the ordinance to impose a penalty for possession of scrapped Rs 500 and Rs 1,000 currency notes beyond a cut-off was taken in the interest of the nation.
"It was taken in the interest of the nation," he said when asked about the Cabinet today approving the promulgation of an ordinance to make possession of a large number of scrapped banknotes a penal offence which will attract a fine.
Singh was here to attend the 27th meeting of Southern Zonal Council.
Later, he left for Guruvayoor to pay obeisance at the famous Sree Krishna temple.
The Union Cabinet today approved the promulgation of the ordinance, two days before the expiry of the deadline for depositing old Rs 500 and Rs 1,000 currency notes in banks.
The Specified Bank Notes Cessation of Liabilities Ordinance makes holding of old Rs 500 and Rs 1,000 currency notes beyond a threshold amount after March 31 a criminal offence which will attract a fine of Rs 10,000 or five times the amount of cash held, whichever is higher.
Furnishing wrong information while depositing the old currencies between January 1 and March 31 will attract a fine of Rs 5,000 or five times the amount.
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