Govt notifies law to criminalise possesion of banned notes

The government has notified a law that makes the possession of more than 10 scrapped notes by individuals a criminal offence. Having over 25 pieces of old notes for research purposes will also be considered a criminal offence. The law prohibits the holding, transferring or receiving of ₹500 and ₹1,000 notes from December 31, 2016, and imposes fines on offenders.