No Jail Term for Holding on to Old Notes, Minimum Fine to be Rs 10,000

A man displays scrapped Rs 500 notes at a rally organised by the Congress in Ajmer on November 24, 2016. (REUTERS)

New Delhi: Possession of demonetised notes after December 30 will not invite any jail term but a minimum fine of Rs 10,000 will be imposed on those holding on to old Rs 500 and Rs 1,000 notes.

The government will send an ordinance to the effect for President Pranab Mukherjee’s approval shortly and the rule will come into force from December 31.