Chennai: The approval of an ordinance by the Centre that penalises people possessing demonetised Rs 500 and Rs 1,000 notes after the cut-off date would further hurt people who have been going through hardships since the demonetisation decision was taken on November 8, say experts.
The cut-off period has not been declared, but anyone found having more than 10 notes of demonetised currency can face a fine or even a jail term up to four years. This according to advocate Abudu Kumar, is too harsh for those who possess notes due to legitimate reasons, exigencies or not being able to exchange those.
“There could be people who were abroad during this period and who might have cash in the old denominations. Bona fide reasons and exceptions should be exempted from the clause,” he said.
“The whole purpose of demonetisation was to remove stashed currencies in high-value notes but there was no point in introducing notes of Rs 2,000, which are of even higher value,” said city-based lawyer Saravanan Dhandapani.
He added that an ordinance should have been brought when the rule for demonetisation was announced. “People, who are mentally and physically tired after standing in queues and waiting to exchange and deposit notes will now suffer legally due to this ordinance.” But some experts feel that 50 days was ample time for people to do away with the old notes.
“Other countries have done this including the UK. The RBI hasn’t printed enough notes and that is the major issue that is being faced by people but there has to be a cut-off date after money has been demonetised and 50 days was sufficient time,” said S. Narayan, former revenue secretary.
