New Delhi: The government is planning to bring an ordinance to include possession, transfer, receipt of old demonetised notes of Rs 500 and Rs 1000 after December 30 under punishable offence.
A person can at most have 10 number of banned notes in whatsoever denomination.
Sources said the government is yet to decide the punishment for the offence but it is likely to be five times the amount in question or Rs 50,000 whichever is higher. Criminal liabilities are also a possibility with a municipal level magistrate to hear the case and award penalties.
The move is likely to be effected before December 30, the day when the deadline for depositing old currencies ends. This has been aimed to make people adhere to instruction and deposit illegal currencies within the stipulated time. There after people can deposit the amount at only RBI branches with lots of formalities. The time period ends March 31 next year. People have been given choice for coming out with their undisclosed wealth declaration which will be charged for 50 per cent as taxes, rest 25 per cent as fixed deposit for four years under the Garib Kalyan Yojana.
Notably, with the Centre going for mass withdrawal of big denomination currencies on November 8 to flush out black money about 86 per cent of money in circulation has been sucked up. The RBI estimates the amount to be around Rs 13 lakh crore that has returned to the system.