FRIDAY, DECEMBER 30, 2016 (PAGE 16) DAILY EXCELSIOR,...
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NEW DELHI, Dec 29: Government has made hold- ing of more than 10 junked Rs 500/1000 notes a penal offence punishable with a minimum Rs 10,000 fine, but the harsher four- year jail term has been dropped. The Specified Bank Notes Cessation of Liabilities Ordinance, approved yesterday by the Cabinet headed by Prime Minister Narendra Modi, allows individuals to hold no more than 10 notes of the old currency. It allows 25 such currencies to be held by research scholars. Top sources said the ordi- nance, which will be sent to the President for his assent shortly, will come into effect from December 31. It provides for making hold- ing of old 1,000 and 500 rupee notes after March 31 a criminal offence that will attract a fine of Rs 10,000 or five times the cash held, whichever is higher. Furnishing wrong information while depositing the old currency between January 1 and March 31 — a window provided only for exigencies — will attract a fine of Rs 5,000 or five times the amount, whichever is higher. The ordinance also provides for amending the Reserve Bank of India (RBI) Act to provide legislative support for extin- guishing the demonetised ban- knotes that are not returned. The 50-day window for depositing the old notes in bank accounts and post offices expires tomorrow. While the high-denomination currency ceased to be a legal ten- der from midnight of November 8, 2016, a mere notification was not thought to be enough to end the central bank’s liability and avoid future litigations. Currency notes carry RBI’s promise to pay the bearer the amount of the value of the note, a pledge that can be nullified only by legislation after giving due opportunity to everyone to return old notes. Sources said the proposal for a four-year jail term for anyone pos- sessing large number of demone- tised currency after March 31, 2017 was not approved. The ordinance, which will have to be converted into proper legislation by passing of a law in Parliament within six months, makes possession, transfer or receiving an amount of over Rs 10,000 in the now-demonetised 500 and 1,000-rupee notes a punishable offence. Sources said while the dead- line for the deposit of old cur- rency in bank or post office accounts expires on Friday, time till March 31 is available for doing so at select RBI counters with stiff conditions. This facili- ty is for people who were abroad, armed forces personnel posted in remote areas or others who can give valid reasons for not being able to deposit the cancelled notes at banks till December 30. While announcing the demonetisation of the old cur- rency on November 8, the Government had allowed hold- ers to either exchange them or deposit in bank and post office accounts. In 1978, a similar Ordinance was issued to end the Government’s liability after Rs 1,000, Rs 5,000 and Rs 10,000 notes were demonetised by the Morarji Desai-led Government. Sources said the legal amendments are needed every time the Government decides to scrap any legal tender to put an end to its promissory note. Of the Rs 15.4 lakh crore worth of currency that was scrapped, about Rs 14 lakh crore has been deposited in banks or exchanged. (PTI) NEW DELHI, Dec 29: Worried over many unoccu- pied seats in Mail/Express trains, railways today announced 10 per cent rebate for vacant berths after finalisation of the reservation charts from January one. A passenger can avail 10 per cent rebate in basic fare for availing the vacant berths in all reserved categories including AC and Sleeper class after the finalisation of the chart, accord- ing to a railway notification. The rebate will to be made effective from January 1, 2017 for six months. The 10 per cent discount will be based on basic fare of last ticket sold in the train. However, all other charges like reservation and super fast will be levied accordingly. (PTI) FRIDAY, DECEMBER 30, 2016 (PAGE 16) DAILY EXCELSIOR, JAMMU SUPER TREATMENT OF FACE Permanent removal of Facial Hair, U.S approved technique White Hair treated 50% Discount on Laser Contact No: 9797565437, 9796061821 Shri Mata Vaishno Devi Shrine Board ABRIDGED TENDER NOTICE Sealed tenders are invited on behalf of the Chairman, Shri Mata Vaishno Devi Shrine Board from concerned manufacturers/suppliers for supply of ‘‘Granite Ruby Red (in slabs)’’. The tender complete in all respects should reach the office of the Chief Executive Officer, Shri Mata Vaishno Devi Shrine Board Katra on or before 18.01.2017 upto 03.00 PM IST. The detailed terms & conditions & tender format can be had from the Central Office of Shrine Board Katra against cash pay- ment of Rs 300/- on any working day from 10.00 AM to 05.00 PM & the same can also be downloaded from Shrine Board’s official website www.maavaishnodevi.org. Sd/- Dy. Chief Executive Officer Shri Mata Vaishno Devi Shrine Board Katra No : Co/Pur/437-II/civil//13022 Dt : 29.12.2016 Railways announce 10 per cent rebate in vacant train berths Rs 10,000 fine for holding old notes
Transcript of FRIDAY, DECEMBER 30, 2016 (PAGE 16) DAILY EXCELSIOR,...
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)
FRIDAY, DECEMBER 30, 2016 (PAGE 16) DAILY EXCELSIOR, JAMMU
SUPERTREATMENT
OF FACE Permanent removal of Facial Hair, U.S
approved techniqueWhite Hair treated
50% Discount on LaserContact No: 9797565437,
9796061821
Shri Mata Vaishno Devi Shrine BoardABRIDGED TENDER NOTICE
Sealed tenders are invited on behalf of the Chairman, Shri MataVaishno Devi Shrine Board from concerned manufacturers/suppliersfor supply of ‘‘Granite Ruby Red (in slabs)’’. The tender complete in allrespects should reach the office of the Chief Executive Officer, ShriMata Vaishno Devi Shrine Board Katra on or before 18.01.2017 upto03.00 PM IST. The detailed terms & conditions & tender format can behad from the Central Office of Shrine Board Katra against cash pay-ment of Rs 300/- on any working day from 10.00 AM to 05.00 PM & thesame can also be downloaded from Shrine Board’s official websitewww.maavaishnodevi.org.
Sd/-Dy. Chief Executive Officer
Shri Mata Vaishno Devi Shrine BoardKatra
No : Co/Pur/437-II/civil//13022Dt : 29.12.2016
Railways announce 10 per cent rebate in vacant train berthsRs 10,000 fine for holding old notes
