Users were given the deadline of December 31st, to deposit all their old notes in their bank accounts or Post office. However, recently RBI had made a huge U-turn and announced that customers can only deposit Rs 5000 from December 19 to December 30. So, any customer who wants to deposit above 5000 has to fill up an form provided by the bank to deposit the extra cash. It’s about 48 days after demonetization drive; the government today announced that penalties will be imposed on people who hold old currency in Rs 1000 and Rs 500 notes beyond the 30th of December which is also the (end of 50 Day window) The sources claim that the maximum number of banned notes that a person can have is 10, beyond that the person will have to pay a fine of minimum Rs 50,000 or 10 times the amount that is held. As per new directive by the government, there will be 4-year jail for anyone possessing old notes post-March 31, 2017 as reported by India.com Moreover, after 30th of December, the banned notes will have to be deposited directly with the RBI and right now the grace period hasn’t been specified. So, if you still have more than ten banned notes, then deposit them right away.
