Demonetized Currency: Do you also have old demonetized notes? Then be prepared for punishment

• 500 and 1000 crore notes in capital Delhi after nine years
• On November 8, 2016, the central government announced demonetisation
• Allowed individual to store limited amount of old notes

Delhi Demonetized Currency Raid: Today, nine years after the demonetisation decision, crores of Rs 500 and Rs 1000 notes have been found in the capital Delhi. As the police discovered the raids carried out in Wazirpur area of ​​Delhi, questions about demonetisation have started to arise again. During the raid, old Notanta bundles were seized and several people were detained for questioning. But if you also have such notes in your house, be careful now, what can be the punishment for finding old notes and what are the rules regarding it. It is necessary to have information regarding this.

Big news! High alert in Punjab; Threats to bomb schools, ‘this’ city looks like a camp

What is the Old Demonetization Act?

On November 8, 2016, the central government announced demonetisation. After this decision, the monetary value of the old notes ended. After demonetisation, the government passed a special law in 2017 to prevent hoarding, possession or misuse of such notes.

Under this Act, a person is allowed to store a limited amount of old notes; However, carrying more than that amount is considered illegal and may result in penal action.

As per law these old notes cannot be used for any transaction. They cannot be stored, exchanged or used as currency in bulk. These notes have been declared illegal currency, meaning they have no monetary value left.

Anjali Damania : Girish Mahajan has fun..; Social activist Anjali Damania took the brunt

What is the limit?

As per the rules, any person is allowed to carry a maximum of 10 notes of old notes that were discontinued during demonetisation. Also, collectors, researchers or persons keeping notes for study purposes are allowed to keep 25 notes of these old currencies.

What is the punishment?

If you are found with demonetized notes in excess of the prescribed limit, the law imposes a monetary penalty. Initially, the government provided for imprisonment, but that provision was removed before the final law was passed. Fines also operate on a two-tier system. The first tier is a minimum fine of ₹10,000 and the second tier is a fine of five times the value of old notes exceeding the prescribed limit.

Saugat Roy E-cigarette : Is there any limit in Parliament premises or not? The TMC MP blew directly

The government enacted a special law in 2017 to prevent illegal currency from being used for illegal purposes. Demonetized notes became technically worthless paper after their legal circulation was revoked. However, the large stockpiles remained prone to black money laundering, circulation of counterfeit notes and other frauds.

To avoid this risk, the 2017 Act completely banned the hoarding, trading or recycling of such old notes in any way. Hence the objective of curbing the misuse of illegal currency was achieved more effectively.