Indians Face Fines & Possibly Prison for Holding Old Cash Notes
Following the controversial demonetization drive enforced in early November by the Indian government, citizens holding “a large number” of now-outlawed cash notes beyond December 30 could be punished with fines and, according to some reports, even imprisonment. The Union Cabinet of Indian ministers, chaired by Indian prime minister Narendra Modi who led the demonetization effort, convened on Wednesday to discuss penalties for holding old cash notes. An ordinance was passed, making possession, transferring and distribution of old 500 and 1000-rupee cash notes, a punishable offence,....
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