New Delhi, Dec 28: The Central government is set to pass an ordinance within the next couple of days, seeking penalties for all those found in procession of old currency notes post December 31st.

 

The ordinance is important for the completion of legal process of demonetisation since banks will stop accepting deposits of old currency notes in the coming new year. “ The procession of old notes has to be made illegal and punishable in order to ensure that people are not duped into accepting old notes as wages or acceptable currency”, stated a government official privy to ongoing discussions. 

 

The ordinance will be replaced by a law in the upcoming budget session of the Parliament which is due by end of January. For those who will deposit the old notes with the RBI offices, they will have to provide full details for the delay in their deposits and explain their delay in depositing sooner. 

 

At present close to 90% of the banned currency which was in circulation has come back to the RBI