demonitisation

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Games pradhan (Querist)
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06 January 2017 What is the implications under income tax act of a person receiving money in old denomination after demonitisation of the sundry debtor's balance as on 08/11/2016 will it leads to a criminal offence or offence under any other law.

Sandeep Dharar

Sandeep Dharar (Expert)
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06 January 2017 U must get it exchanged with RBI ASAP. U may visit the following link for details regarding penalty for possession of old currency.

http://www.ndtv.com/india-news/government-plans-ordinance-capping-possession-of-banned-notes-above-rs-10-000-1642009