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Possession of demonetized Rs 500 and Rs 1,000 notes beyond March 31, 2017 is Illegal

People can deposit old notes in banks up to December 30 and with the Reserve Bank of India up to March 31 next year

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old notes to become illeagal by 2017
Indian Currency. Pixabay

New Delhi, December 28, 2016:  The cabinet on Wednesday approved an ordinance which makes possession of demonetized Rs 500 and Rs 1,000 notes beyond March 31, 2017 illegal, providing for a jail term for violators.

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The opposition, however, questioned the logic behind the ordinance and termed the government policy as “rudderless and confused”. It also accused the government of repeatedly bypassing the Parliament over demonetisation and otrher issues.

People can deposit old notes in banks up to December 30 and with the Reserve Bank of India up to March 31 next year.

Official sources said the ordinance — called “The Specified Bank Notes Cessation of liabilities Ordinance” — will be sent to President Pranab Mukherjee, currently in Hyderabad, for approval before notification.

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The ordinance, approved during the cabinet meeting chaired by Prime Minister Narendra Modi, seeks to amend the Reserve Bank of India Act, aimed at extinguishing the liability of the government towards bearers of such notes.

Sources declined comment on whether the ordinance also sought a jail term for violators. “The ordinance primarily seeks to shield the government against future litigations that may follow for not honoring the promise to pay,” a senior official said.

However, the ordinance makes it clear that collection of old notes up to ten in number will not invite prosecution.

Reacting to the developments, a senior Congress leader told IANS: “Is it proper to pass an ordinance on a matter which is sub judiceIJ I think this is a cover up operation to legalize the demonetization order because even its veracity is under judicial scanner.

He also questioned the logic behind bringing an ordinance barely a month before the next Parliament session.

Trinamool Congress (TMC) Rajya Sabha MP Sukhendu Sekhar Roy called the NDA dispensation as “government of ordinances”.

“The government has gone berserk. They are bringing one notification after another. They are suffering from utter confusion…there is no cohesion between the government and the RBI,” Roy told IANS.

Janata Dal United (JDU) leader K.C. Tyagi called the government policy on demonetisation as “rudderless”.

“On one hand the Prime Minister has said that after March 31 next year, the old currency notes would be ‘kagaz ke tukre’ (worthless pieces of paper). Now where on earth is it illegal to possess worthless paper,” Tyagi asked.

“Ever since November 8 they have brought 61 notifications. This shows their bewilderment and lack of policy direction,” Tyagi told IANS.

CPI(M) General Secretary Sitaram Yechury said the government has chosen this back door ordinance method to bring in the law.

“We are against this ordinance raj,” he said.

–IANS

Next Story

New Survey Indicates, Indians Worry About Terrorism, Unemployment And Corruption The Most

"At least 73 per cent Indians are optimistic that as a nation we are headed in the right direction. The global average paints a dismal image, where the majority (58 per cent) feels that they are headed in the wrong direction," the findings showed.

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The "What Worries the World Global Survey" by global market research firm Ipsos showed that 45 per cent of Indians are most worried about terrorism, 44 per cent about unemployment and jobs and 42 per cent about financial and political corruption. Pixabay

 As the country entered the seven-phase voting from April 11, a new survey said on Monday that Indians are most worried about terrorism, followed by unemployment and corruption.

The “What Worries the World Global Survey” by global market research firm Ipsos showed that 45 per cent of Indians are most worried about terrorism, 44 per cent about unemployment and jobs and 42 per cent about financial and political corruption.

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India, however, bucked the global trend of pessimism where 22 countries out of the total of the 28 markets covered in the survey felt their country is on the wrong track. Pixabay

Apart from these issues, a significant number of Indians are also concerned about crime and violence (33 per cent) and poverty and social inequality (29 per cent).

“Pulwama terror strike has propelled terrorism to the fore. It was way down in the pecking order in the past waves. Terrorism is bothering Indians most. Likewise, lack of jobs is weighing on the minds of Indians and government,” said Parijat Chakraborty, Service Line Leader, Ipsos Public Affairs, Customer Experience and Corporate Reputation.

“Similarly, more concrete steps are needed for tackling corruption. While strategies are being formulated by the government to address them, our survey shows that Indians are preoccupied with concerns around these macro issues and will like them to be mitigated,” Chakraborty added.

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Meanwhile China (94 per cent) inspires the most confidence about its national direction as 9 in 10 Chinese citizens say that the country is moving in the right direction. Pixabay

India, however, bucked the global trend of pessimism where 22 countries out of the total of the 28 markets covered in the survey felt their country is on the wrong track.

“At least 73 per cent Indians are optimistic that as a nation we are headed in the right direction. The global average paints a dismal image, where the majority (58 per cent) feels that they are headed in the wrong direction,” the findings showed.

Meanwhile China (94 per cent) inspires the most confidence about its national direction as 9 in 10 Chinese citizens say that the country is moving in the right direction.

Also Read: Ex-Afghanistan Warlord Claims, ‘No Doubt’ Pakistan ‘Supports’ Taliban
Saudi Arabia is in the second place (84 per cent), followed by India (73 per cent) and Malaysia (57 per cent).

The survey was conducted in 28 countries where 20,019 interviews were conducted between February 22-March 8. (IANS)