Is keeping old currency illegal?

The government on Wednesday notified a law which said that holding of more than 10 demonetised notes would be punishable with a minimum fine of Rs 10,000.

How much money has been recovered after Demonetisation?

According to RBI data, almost the entire chunk of money (more than 99 percent) that was invalidated came back into the banking system. Of the notes worth Rs 15.41 lakh crore that were invalidated, notes worth Rs 15.31 lakh crore returned.

Is keeping old 500 Notes illegal?

If some mistake happens during the printing of a currency note then the note becomes invaluable. The old Rs 500 notes, which is now banned, have been categorized as ‘rare Indian currency’. If you eare in possession of old Rs 500 note you should check its serial number.

What are specified bank notes?

(e) “specified bank note” means a bank note of the denominational value of five hundred rupees or one thousand rupees of the series existing on or before the 8th day of November, 2016.

Who did Demonetisation in 1978?

Morarji Desai’s
41 years ago, Morarji Desai’s govt also demonetised high value banknotes. On 16 January 1978, the Janata Party-led government demonetised Rs 1,000, Rs 5,000 and Rs 10,000 banknotes to weed out black money.

How much of the demonetised currency has been returned to India?

The Reserve Bank of India’s annual report has finally revealed that as much as ₹15.28 lakh crore of the high-value currency that was demonetised in November returned to the central bank.

How much does the RBI spend on printing of Indian currency?

In 2017-18 (July 2017 to June 2018), it spent another Rs 4,912 crore on printing of currency, the annual report said.

Did demonetisation curb black money and corruption?

The demonetisation was hailed as a step that would curb black money, corruption and check counterfeit currency but RBI said, “Counterfeit notes detected in SBNs decreased by 59.7 and 59.6 per cent in the denominations of Rs 500 and Rs 1,000, respectively.”

How much of the junked Rs 500 notes have been returned?

MUMBAI: As much as 99.3 per cent of the junked Rs 500 and Rs 1,000 notes have returned to the banking system, the RBI said today, indicating that just a miniscule percentage of currency was left out of the system after the government’s unprecedented note ban aimed at curbing black money and corruption.

https://www.youtube.com/watch?v=J8RYfANIJh4