Cabinet Approves Note Ban Ordinance

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New Delhi: The government on Wednesday approved ordinance on demonetisation bringing much needed clarity over note ban. The ordinance is to extinguish liability of government and RBI on the demonetized high-denomination notes.

The move means that after December 30, the deadline for submitting old Rs 500, 1000 notes, you may be penalized for hoarding banned currency notes.

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