Beware! Ordinance likely to impose penalty for holding old Rs 500, Rs1000 notes post Dec 30

[Kool_SRG]

Government all set to crackdown on money hoarders .

The government is understood to be mulling an ordinance to impose penalties on anyone possessing the junked Rs 500 and Rs 1000 notes beyond December 30 when the deadline to deposit them in banks expires.

There was no official word on the move which is likely to come up before the Cabinet on Wednesday but sources said penalties may be imposed on anyone holding more than 10 notes each of the old currency after December 30. The ordinance may also extinguish the liability of the government and RBI towards the promise to pay the bearer of these notes their value because of a statutory requirement.

In 1978 a similar ordinance was issued to end the government's liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the Janata Party government under Morarji Desai.

The government had while announcing the demonetization of the old currency allowed holders to either exchange them or deposit in bank and post office accounts. While the facility to exchange the old notes has since been withdrawn, depositors have time till Friday to deposit the holding in their accounts.

For those depositing any accounted funds, or black money, it has offered them an amnesty provided they paid 50 per cent of it as tax and penalties and parked a quarter of it in a zero-interest bearing deposit for four years.

Reports said that there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs 50,000 or 5 times the amount in question -- whichever is higher, but there was no confirmation.

Holders of such currency have an option to deposit them in RBI by March 31 but even that period may be curtailed, they said. Out of the Rs 15.44 lakh crore worth of 500 and 1000 rupee notes in circulation on November 8, close to Rs 13 lakh crore have been deposited in accounts or exchanged for valid currency.

[Kool_SRG]

For Banned Notes Over Rs. 10,000, New Rules Propose Fine Of 50,000 Or More

HIGHLIGHTS

1)A person will be only allowed to have a maximum of 10 banned notes
2)Ordinance has to be issued before December 30: sources
3)PM Modi banned 500 and 1,000-rupee notes on November 8
 

The government is planning an ordinance or executive order to bring a new law under which possessing, transferring or receiving an amount of over Rs. 10,000 in banned 500 and 1,000-rupee notes will be a punishable offense. The maximum number of banned notes, of any denomination, that a person will be allowed to have is 10.

The ordinance has to be issued before December 30, the deadline for people to deposit old notes that they are holding in their bank accounts, sources said.

Punishment for breaking the proposed law is still to be finalised, but sources said a fine of a minimum of Rs. 50,000 or five times the amount in question -- whichever is higher -- is likely. There will be a criminal liability and a municipal magistrate will hear cases involving violation and decide on penalty.

The draft ordinance includes recommendations of the central board of directors of the Reserve Bank. After December 30, banned notes have to be directly deposited in the Reserve Bank of India or RBI and a grace period will be specified later.

Prime Minister Narendra Modi banned 500 and 1,000-rupee notes on November 8 with an aim to flush out black money and stop money laundering and counterfeiting of notes. The move took out 86 per cent of money in circulation or Rs. 15.44 lakh crore. More than 13 lakh crores in old notes has already returned to the banking system in deposits, the RBI has said.  

With the government restricting the amount of money that people could deposit without scrutiny or exchange over the counter at banks and post offices after the sudden ban, there were reports of people with undeclared cash burning banned notes, submitting them in temples or simply abandoning them. There was report on old notes floating down the river Ganga.

The government has offered a one-time window for people to deposit their undeclared money in old notes and pay 50 per cent in tax and penalty. If they are caught by the taxman, they will pay almost 90 per cent of the amount they have.  

A move last week to restrict deposits of old notes in the last few days before the deadline to 5,000 rupees without questions being asked, was withdrawn last week.   

[Bhai]

lite le ra bhai.... 

 

Mankochina nashtam emi ledu

[Kool_SRG]

Govt mulls law against transactions over Rs 10,000 in banned notes: report

Though punishment for breaking the proposed law has not been finalised, sources said there will be a fine of a minimum of Rs. 50,000 or five times the amount in question -- whichever is higher.

The government is mulling a new law to make possessing, transferring or accepting an amount of over Rs. 10,000 in banned 500 and 1,000-rupee notes a punishable offence. According to an NDTV report, the government will soon come out with an ordinance to make a new law against such dealings. The reports says that maximum number of banned notes, of any denomination, that a person will be allowed to have is 10.

Though punishment for breaking the proposed law has not been finalised, sources said there will be a fine of a minimum of Rs. 50,000 or five times the amount in question — whichever is higher. The cases will be heard by municipal magistrate decide the penalty accordingly.

The draft ordinance includes recommendations of the central board of directors of the RBI. The grace period to deposit old notes in banks ends on December 30, after which the banned notes have to be directly deposited in the RBI.

To flush out black money, Prime Minister Narendra Modi had on November 8 banned 500 and 1,000-rupee notes.

 

[Kool_SRG]

1 minute ago, Bhai said:

lite le ra bhai.... 

 

Mankochina nashtam emi ledu

This is just for info ante

[KothaHero]

Actually telugu states lo pedda support ledu ant for demonitization from common man, yekada kuda big shot black money holders ni pattukoledhu primarily coz of support from political class to these ppl, mamulu janalu bank queue lo nilabadi panulu manukoni time waste chesukovadum thapithey vakadink kuda raid cheyaledhu, i guess this is the reason behind PK rant againt PM modi

[batman]

4 minutes ago, KothaHero said:

Actually telugu states lo pedda support ledu ant for demonitization from common man, yekada kuda big shot black money holders ni pattukoledhu primarily coz of support from political class to these ppl, mamulu janalu bank queue lo nilabadi panulu manukoni time waste chesukovadum thapithey vakadink kuda raid cheyaledhu, i guess this is the reason behind PK rant againt PM modi

that could be right regarding sentiment in telugu states. media negativeive projection could be one reason

however votes from telugu states do not matter in national election. either party elected will support bjp at center. 

 

[perugu_vada]

Enduku unchukuntaru asalu when their worth is zero ? Incase unchukuna kuda burn chesestaru kani declare cheyaru kada

e ordinance valla origedi ento i dont get it

[perugu_vada]

30 minutes ago, KothaHero said:

Actually telugu states lo pedda support ledu ant for demonitization from common man, yekada kuda big shot black money holders ni pattukoledhu primarily coz of support from political class to these ppl, mamulu janalu bank queue lo nilabadi panulu manukoni time waste chesukovadum thapithey vakadink kuda raid cheyaledhu, i guess this is the reason behind PK rant againt PM modi

Just telugu states ane kadu, elsewhere too chala negativity ye ochindi, rides jarigindi 10-20 cases aithe black money hold chesindi 1000's if not lakhs lo unnaru, who never got raided by it dept 

[micxas]

[allu_potato]

KCR can fight against Modi ji