RS 50000 penalty while having old notes after DEC 30

New Delhi December 27 :Public have more enthusiasm about "Is there any possible of exchange of old Rs 500 and Rs 1000 currency notes after December 30?

They are so much awaiting to know in the next year, Whether the scarcity of money hiked (or) declined?

With the high demonetized notes set to become completely illegal post December 30, the government is likely to come up with a new ordinance in regards to the usage of the old notes.

According to the officials, the government is planning for a new ordinance on holding of old notes and is likely to come up with it before December 30.

Reports said that there could be a cap of holding no more than 10 notes of each after December 30 and violation of the rule could draw a fine of a minimum of Rs 50,000 or 5 times the amount in question -- whichever is higher, but there was no confirmation.

Holders of such currency have an option to deposit them in RBI by March 31 but even that period may be curtailed, the reports said.

Out of the Rs 15.44 lakh crore worth of 500 and 1000 rupee notes in circulation on November 8, close to Rs 13 lakh crore have been deposited in accounts or exchanged for valid currency.

There was no official word on the move which is likely to come up before the Cabinet on Wednesday but sources said penalties may be imposed on anyone holding more than 10 notes each of the old currency after December 30.