Another Shocking Law By Government. Have 500 Or 1000 Notes? Get Ready To Pay This Crazy Amount In Penalty...

Blog By suhas  |  28-12-16

This is just the start. A lot of rules are yet to come...

#3 All The Laws

#3 All The Laws

The first thing that we do now a days after getting up in the morning is checking whether our reserve Bank has declared anything new or no. Some say it is for our country's benefit and others simply disagree.

In the meanwhile, there's another law that just came out and has the potential of affecting your lives like never before.


#2 The New Twist...

#2 The New Twist...

So the government has decided to bring a new twist in the tale by making sure that no one has any scope of keeping the banned currency with them till the very end.

It will be a crime to have more than 10 banned notes after Friday, under a new rule approved by the government. And the penalty for the same will be huge.

Keep reading ahead to know more about it.


#1 The Penalty

#1 The Penalty

So what happens if you have more than 10 old notes and someone from the department finds that? In that case, you'll have to pay a fine of minimum Rs 50,000 or 10 times the amount that is held; whichever amount will be more shall be imposed as penalty.

You can even go behind the bars for couple of years. This ordinance is drafted according to recommendations by the RBI and central board of directors. So from the first day of 2017, the notes that are banned will have to be deposited directly with the RBI, the grace time would be over.









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