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Friday, 30 December 2016 - 11:08
Indian Cabinet clears ordinance to punish people holding banned notes beyond deadline
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Minimum 10,000 Fine For Possession Of More Than 10 Banned Notes in India

An ordinance or executive order was sent by the Indian government to President Pranab Mukherjee, which makes it a punishable offence to possess more than 10 banned notes of Rs. 500 and Rs. 1000.

Any violation will be punished with a steep fine. Once signed off by the President, the new rule will come into effect from December 31.

The 500- and 1,000-rupee notes were banned by the Indian government on November 8 in a massive step against corruption and black money.
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