Possession of Old ₹500 and ₹1000 Banknotes to Become Punishable Offence

[Bimat]

Attorney General Mukul Rohatai has informed Supreme Court that the centre is working on a law which will make possession or transfer of old ₹500 and ₹1000 illegal and a punishable offence after March 31, 2017.

I can understand making transfer of old notes illegal, but possession? What does this mean for banknote collectors? This will only make their life difficult.

(I created a different topic to discuss this as this is a far more serious issue from collectors' point of view)

Thoughts?

Aditya

[quaziright]

It seems to me you get what you vote for. Indians seem to voted for what Western newspapers describe as a strong-man. Americans will get what they deserve from trump for better or worse.

In the meanwhile, I'm asking a friend of mine to get me some of these démonétisés notes to swap here at my local numismatic club. Looks like I have till march

[Bimat]

In the meanwhile, I'm asking a friend of mine to get me some of these démonétisés notes to swap here at my local numismatic club. Looks like I have till march

Yes, you can get your old notes exchanged until March 31, 2017. No explanation required if you deposit them before January 01, 2017. After that, you need to give explanation to RBI, irrespective of the amount being deposited (didn't know that RBI is so jobless ).

My understanding was that these notes will be exchangeable for an indefinite period, or at least for next 5 years or so, considering that billions of those were in circulation (and not all of them were black!). How wrong I was!

Aditya

[quaziright]

Oh I'll just give him CAD when he gets back. He's in Bombay right now, so I figure it can't be too hard to get some nice crisp bills of each denomination

[asm]

Attorney General Mukul Rohatai has informed Supreme Court that the centre is working on a law which will make possession or transfer of old ₹500 and ₹1000 illegal and a punishable offence after March 31, 2017.

I can understand making transfer of old notes illegal, but possession? What does this mean for banknote collectors? This will only make their life difficult.

Aditya,

Possession of counterfiet notes is also illegal - as also non reporting and giving over a found treasure ............. How many have had their houses checked? Possessing a few notes (though illegal) may not catch the eye of the authorities...... and they may not act as it would be a huge loss of time and energy (not to talk of the economic side loss) for the authorities to take any action. However, if some one is caught with a hoard................ well the law will take its own course.

Amit

[Bimat]

Possession of counterfiet notes is also illegal - as also non reporting and giving over a found treasure ............. How many have had their houses checked? Possessing a few notes (though illegal) may not catch the eye of the authorities...... and they may not act as it would be a huge loss of time and energy (not to talk of the economic side loss) for the authorities to take any action. However, if some one is caught with a hoard................ well the law will take its own course.

I'm told that government has also proposed some changes in "The Antiquities and Art Treasures Act - 1972" in which our concerns will be addressed. I hope it's not too stingent!!

You can read the current version of the law here.

Aditya

[dheer]

I can understand making transfer of old notes illegal, but possession? What does this mean for banknote collectors? This will only make their life difficult.

There are quite a few rules that are not generally enforced. They are however a catch all rule incase Govt is not able to trap serious offenders.

For example having more than USD 250 of eq in cash of Foreign Currency [Not coins]. However not just collectors, but routine travelers, common people do have more than this amount at homes. Never heard a case against any of them.

[Enlil]

Can you post a link to the government law on that, pretty please.

[Bimat]

Can you post a link to the government law on that, pretty please.

As of now, no such law exists. It's only proposed and informed accordingly to SC as SC is hearing quite a few petitions against this so called Demonetization. If everything goes according to the plans, expect government to present it to parliament in the budget session (February/March 2017)...

Aditya

[Enlil]

How about the $250 in foreign cash law?

[dheer]

https://m.rbi.org.in/scripts/FAQView.aspx?Id=11

Looks like limit increased to 2000, not sure when.

[Enlil]

100 rupees can be imported or exported from Nepal or Bhutan. This seems like a joke, hahahaahahaaaa.