Jail term for holding demonitised notes

Cabinet cleared an ordinance making holding scrapped bank notes after March 31 an offence punishable with a jail term and a hefty fine.

The move comes 2 days before the Dec 30th deadline for depositing the junked Rs.500 and Rs.1000 in the banks runs out.

December 30 is the final day when the government is expected to revise the restriction on bank and ATM withdrawals.

The ordinance will come into force once the President clears it.