NEW DELHI, Dec 29:

Government has made hold-ing of more than 10 junked Rs500/1000 notes a penal offencepunishable with a minimum Rs10,000 fine, but the harsher four-year jail term has been dropped.

The Specified Bank NotesCessation of LiabilitiesOrdinance, approved yesterdayby the Cabinet headed by PrimeMinister Narendra Modi, allowsindividuals to hold no more than10 notes of the old currency. Itallows 25 such currencies to beheld by research scholars.

Top sources said the ordi-nance, which will be sent to thePresident for his assent shortly,will come into effect fromDecember 31.

It provides for making hold-ing of old 1,000 and 500 rupeenotes after March 31 a criminaloffence that will attract a fine ofRs 10,000 or five times the cashheld, whichever is higher.

Furnishing wrong informationwhile depositing the old currencybetween January 1 and March 31— a window provided only forexigencies — will attract a fine ofRs 5,000 or five times the amount,whichever is higher.

The ordinance also providesfor amending the Reserve Bankof India (RBI) Act to providelegislative support for extin-guishing the demonetised ban-knotes that are not returned.

The 50-day window fordepositing the old notes in bankaccounts and post officesexpires tomorrow.

While the high-denominationcurrency ceased to be a legal ten-der from midnight of November8, 2016, a mere notification wasnot thought to be enough to endthe central bank’s liability andavoid future litigations.

Currency notes carry RBI’spromise to pay the bearer theamount of the value of the note,a pledge that can be nullifiedonly by legislation after givingdue opportunity to everyone toreturn old notes.

Sources said the proposal for afour-year jail term for anyone pos-sessing large number of demone-tised currency after March 31,2017 was not approved.

The ordinance, which willhave to be converted into properlegislation by passing of a law inParliament within six months,makes possession, transfer orreceiving an amount of over Rs10,000 in the now-demonetised500 and 1,000-rupee notes apunishable offence.

Sources said while the dead-line for the deposit of old cur-rency in bank or post officeaccounts expires on Friday, timetill March 31 is available fordoing so at select RBI counterswith stiff conditions. This facili-

ty is for people who wereabroad, armed forces personnelposted in remote areas or otherswho can give valid reasons fornot being able to deposit thecancelled notes at banks tillDecember 30.

While announcing thedemonetisation of the old cur-rency on November 8, theGovernment had allowed hold-ers to either exchange them ordeposit in bank and post officeaccounts.

In 1978, a similar Ordinance

was issued to end theGovernment’s liability after Rs1,000, Rs 5,000 and Rs 10,000notes were demonetised by theMorarji Desai-led Government.

Sources said the legalamendments are needed everytime the Government decides toscrap any legal tender to put anend to its promissory note.

Of the Rs 15.4 lakh croreworth of currency that wasscrapped, about Rs 14 lakh crorehas been deposited in banks orexchanged. (PTI)

NEW DELHI, Dec 29:

Worried over many unoccu-pied seats in Mail/Express trains,railways today announced 10 percent rebate for vacant berths after

finalisation of the reservationcharts from January one.

A passenger can avail 10 percent rebate in basic fare foravailing the vacant berths in allreserved categories including

AC and Sleeper class after thefinalisation of the chart, accord-ing to a railway notification.

The rebate will to be madeeffective from January 1, 2017for six months.

The 10 per cent discount willbe based on basic fare of lastticket sold in the train.

However, all other chargeslike reservation and super fastwill be levied accordingly. (PTI)

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Railways announce 10 per cent rebate in vacant train berthsRs 10,000 fine for holding old notes