No Jail term for holding Old Notes; minimum fine to be Rs 10,000

A day after the Cabinet promulgated an ordinance for holding more than 10 junked Rs 500 and Rs 1000 notes an offence, government officials on Thursday cleared that there will be no jail term for holding demonetised notes and the minimum fine will be Rs 10,000.

Yesterday the Cabinet headed by Prime Minister Narendra Modi approved the Ordinance. The Ordinance will go to President for his approval.

The details of the ordinance will be released when it receives presidential assent, Finance Ministry sources said.