Banking Decisions Current Affairs, GK & News

Union Cabinet approves ordinance to make possession of old notes penal offence

The Union Cabinet approved promulgation of Specified Bank Notes Cessation of Liabilities Ordinance to penalise persons holding banned 500 and 1,000 rupee notes. It will come into force once it gets Presidential assent as per Article 123 of the Constitution. It will make possession of a large number of demonetised 1,000 and 500 rupee notes ..