Now, taking the demonetisation drive to a new high, Union Government has announced that holding old notes of Rs 500 and Rs 1000 notes after March 31 will be an offence.
Union cabinet has passed an Ordinance on Wednesday making possession of more than 10 old notes of Rs 500 and Rs 1000 notes an offence and punishment. However the extent of punishment is yet to be finalized. The ordinance will be sent to President Pranab Mukherjee for approval.
December 30 is the last date for depositing old notes in banks. After December 30, old notes should be deposited only at Reserve Bank of India (RBI) branches after submitting Know Your Customer (KYC) details.
Already several complaints are coming up on demonetisation and the new measure of punishing those who hold old notes is evoking mixed response from various quarters.
While demonetisation supporters are explaining the move as bigger blow, Modi detractors are terming it as unnecessary move, as they ask who will keep old notes which will no longer serve as legal tender.
Narendra Modi has been saying that he will take much more measures to attack black money. It has to be seen, what more initiatives he will take in the future.