No jail term for holding demonetised notes: Reports

A day after approving ordinance for holding old notes as possession, government officials on Thursday clarified that keeping demonetised notes will not land you in jail, a Bloomberg report said.

On Thursday, Union Cabinet had said that any citizen found with more than 10 old notes post March 31, 2017, can be liable for a four-year jail term or Rs 5,000 fine.

However, today, government official clarified that there is no such rule. As per the report, which quoted government official, saying, that the "Ordinance does not have jail term provision."

The ordinance has been brought to cancel the validity of these old notes. 

PM Modi, on November 8, 2016, had said that people can go to banks and deposit this demonetised currency till December 30, 2016 and at select Reserve Bank of India (RBI) offices till March 31, 2017.