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  #1  
Old December 28th, 2016, 04:53 AM
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Jail for holding more then 10 note

Demonetisation: Indian government approves order imposing fine, jail term for holding on to old currency notes.

The penalty for possessing more than 10 old notes may include financial fines and a jail term of up to 4 years in certain cases.

New Delhi, Delhi, India | Dec 28, 2016, 04.20 PM (IST)
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The government has approved an order imposing penalties, including a jail term, on people who continue to hold on to notes.

PTI reported that the cabinet had approved the order Wednesday.

Anybody with more than 10 old notes will be penalised.

Prime Minister Narendra Modi had announced the demonetisation of 500- and 1,000-rupee notes on the evening of November 8, saying the currency would cease to be legal tender from midnight that day.

PTI reported that the penalty for possessing old notes would include financial fines and a jail term of up to four years in certain cases.

Media reports had earlier said the fine would be Rs 50,000 -- or five times the value of 10 old 1,000-rupee notes.

PTI reported that while sources in the government had said the ordinance had been passed, they had not specified whether the order would go into effect on December 30 this year or March 31 next year. Old notes can be deposited along with a declaration form at specified branches of the Reserve Bank of India till March 31.

December 30 is the last day people are allowed to deposit old notes in their bank accounts.

It is also the day Prime Minister Modi's self-imposed 50-day deadline -- he had asked the public to brave the fallout of demonetisation for 50 days -- comes to an end.

PTI reported that the cabinet also approved an ordinance amending the RBI Act to cancel the government's and the central bank's liability to holders of the old notes in order to prevent future litigation.
http://www.wionews.com/south-asia/de...cy-notes-10654
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  #2  
Old December 28th, 2016, 08:12 AM
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Re: Jail for holding more then 10 note

I'm going to India in January, I better change my two 500 Rupees notes.
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  #3  
Old December 28th, 2016, 11:29 AM
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Re: Jail for holding more then 10 note

Not sure what the logic is. It is of no value even if someone posses it. For those who have crores of old currencies are either going to abandon it, burn it, shred it. Either way it's out of the system. May be there is a good reason which I don't know.
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Old December 28th, 2016, 11:40 AM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by Jaggudada View Post
Not sure what the logic is. It is of no value even if someone posses it. For those who have crores of old currencies are either going to abandon it, burn it, shred it. Either way it's out of the system. May be there is a good reason which I don't know.
may be it is so you damage it.. or try to turn it in by hook or crook.

I heard govt and rbi will lock up funds in excess of 2-3 lakhs in jan dhan accounts for a decade.. and a mammoth account taking task will begin seeking clarification and fines. So anybody making others' money white will also have to answer.
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  #5  
Old December 28th, 2016, 01:13 PM
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Re: Jail for holding more then 10 note

Now I'm beginning to think this Govt is chootiya. There is anap shanap benami property,black money with Bollywood, Politicians,bureaucrats aka big wigs and it is not affecting them in anyway. Read my post about even chootiya actor like Rishi Kapoor is having so much fun and tweeting insanely. These fools are celebrating Christmas in India more than Christians do in Christ land! New trend. They just need some or other reason to blow money.

Unless likes of Pawar's benami property is confiscated, then I believe it, otherwise I see this is all chutiyapa.

Modi has stir the hornet's nest, now make it fight to finish. Bring all chootiya's on sadak.Stop the chootiyapa by bollywood and cricket.

Last edited by Jaggudada; December 28th, 2016 at 01:23 PM.
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  #6  
Old December 28th, 2016, 05:56 PM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by Jaggudada View Post
Not sure what the logic is. It is of no value even if someone posses it. For those who have crores of old currencies are either going to abandon it, burn it, shred it. Either way it's out of the system. May be there is a good reason which I don't know.
I think you did not read the whole article or are not aware of whats going on here after 8th Nov 2016.
After Nov 8th announcement many companies,employers,even big corporates started paying salaries in cash and that too only in 1000s and 500s notes.Some even went to the extent of giving a whole year's salary in advance. These were the indirect ways to get the money converted into white,so to stop this to continue till 31 March 2017 the Govt passed the above ordinance.

Hope you get the picture now.
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  #7  
Old December 28th, 2016, 07:07 PM
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Re: Jail for holding more then 10 note

Google for salary paid in old notes,here are few from the results.

To get rid of old notes, firms in Gujarat pay salaries up to 6 months
Like Baria, Rajesh Parmar, works as office assistant at a firm in the the city, was asked to accept advance salary until March 31 in cash, amounting to Rs 45,000.


Small businesses paying staff advance salaries in old notes

BENGALURU: Small scale industries, garment factories, catering and civil contractors besides other small businesses having a stockpile of the demonetized high value currency notes have found a rather easy way to relieve themselves of it. They are using Rs 500 and Rs 1000 notes to pay their employees advance salaries in bulk.
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  #8  
Old December 29th, 2016, 04:54 AM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by swami View Post
I think you did not read the whole article or are not aware of whats going on here after 8th Nov 2016.
After Nov 8th announcement many companies,employers,even big corporates started paying salaries in cash and that too only in 1000s and 500s notes.Some even went to the extent of giving a whole year's salary in advance. These were the indirect ways to get the money converted into white,so to stop this to continue till 31 March 2017 the Govt passed the above ordinance.

Hope you get the picture now.
Paying in old notes is very old news. Not applicable post dec 31st

I'm aware of everything. If the old notes are withdrawn and you can't deposit them post Dec 31 (possible only with RBI permission until March 2017), who is going to take these notes?

I will tell you what might be a logic, The govt is afraid that people may use the RBI route to deposit the old currencies which I find it hard. Because for that you need to perhaps prove that you were out of country, passport , visit RBI office etc who is going to get into this much hassle, the currency in question is tens of crores of rupees. Not few thousand here and there, that won't make any difference in grand scheme of things.

Last edited by Jaggudada; December 29th, 2016 at 04:57 AM.
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  #9  
Old December 29th, 2016, 06:06 AM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by prajapati View Post
These are called all loop holes, some smart guys must have thought, all these, before hand to curb it.
This is the best possible in a democracy, or else you need a dictator with martial law or communism to catch people same day.

Despite all the shortcomings, there is no report of riots, killings, etc which is what the opposition was trying to incite, or at least hope for a chaotic environment.
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  #10  
Old December 29th, 2016, 06:13 AM
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Re: Jail for holding more then 10 note

India belongs to congress. Indians do experiment once in a while with others, then those 'others' show the way back.
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  #11  
Old December 29th, 2016, 07:00 AM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by Jaggudada View Post
Paying in old notes is very old news. Not applicable post dec 31st

I'm aware of everything. If the old notes are withdrawn and you can't deposit them post Dec 31 (possible only with RBI permission until March 2017), who is going to take these notes?

I will tell you what might be a logic, The govt is afraid that people may use the RBI route to deposit the old currencies which I find it hard. Because for that you need to perhaps prove that you were out of country, passport , visit RBI office etc who is going to get into this much hassle, the currency in question is tens of crores of rupees. Not few thousand here and there, that won't make any difference in grand scheme of things.
Do you think people accepted their salary willingly in old currencies ? Imagine if this ordinance is not passed then how much more currencies would be paid as advance salary till 31st march which would give chance to the opposition to get an extension from the Govt of some sort to exchange.
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Old December 29th, 2016, 07:27 AM
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Re: Jail for holding more then 10 note

You are missing the crux, the March deadline is not for everyone. Otherwise why would they have Dec 31st? March deadline is for those who are abroad, they will need to go to RBI. This will make it very difficult for people to easily convert their black money to white.
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  #13  
Old December 31st, 2016, 11:33 AM
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Re: Jail for holding more then 10 note

Why does he give so many speeches? Aradhya Bachchan has already left India for new year celebration, Shivpal, Jaipal, rampal, mulayam(Netaji...LOL) ...all patched up and eating Biryani on public money.

I like the tweet which says, "aapne bete ka naam dawood maat rakhiyo!"

Last edited by Jaggudada; December 31st, 2016 at 11:39 AM.
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Old December 31st, 2016, 02:17 PM
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Red face Re: Jail for holding more then 10 note

I hope for the sake of the country that Modi's steps like demonetisation to curb black money and stop fake currency from Pakistan do work as intended and help in progress of the entire nation.

If this backfires and things dont work as expected - and anyway corruption was not a target as much as black money and fake currency - then the next PM will be Rahul Gandhi.

Our country wants great things, but when someone is trying to do it, we dont want the hardships that come with it. So I have a feeling that come next elections, our 'sub chalta hai' attitude will elect Rahul Gandhi.
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Old January 2nd, 2017, 06:58 AM
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Re: Jail for holding more then 10 note

Quote:
Originally Posted by echarcha View Post
I hope for the sake of the country that Modi's steps like demonetisation to curb black money and stop fake currency from Pakistan do work as intended and help in progress of the entire nation.

If this backfires and things dont work as expected - and anyway corruption was not a target as much as black money and fake currency - then the next PM will be Rahul Gandhi.

Our country wants great things, but when someone is trying to do it, we dont want the hardships that come with it. So I have a feeling that come next elections, our 'sub chalta hai' attitude will elect Rahul Gandhi.
Even if the Congress wins a large no. of seats, which I doubt, I don't think Rahul will be the PM. He may continue to be the remote control like Sonia. Subramaniam Swamy once said that neither Rahul nor Priya can legally become the PM, some laws about it.
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