Ordinance soon to impose penalty for holding old notes after Dec 30

The crucial cabinet meeting of the Union Government on Wednesday approved an ordinance that would end the government’s and the RBI’s liability on demonetised notes after the end of the March 31, 2017 deadline, according to reports. After December 30, the banned notes could be deposited only through RBI-specified…

Banks may allow cash up to Rs 2.5 lakh for wedding from next week

The finance ministry on Thursday had relaxed the rules for wedding and farm withdrawals, with the ceiling fixed at Rs 2.5 lakh per wedding, per family. “In absence of operational guidelines from the RBI, we are unable to give Rs 2.5 lakh for marriage purposes. We are awaiting direction from the RBI,” said Punjab…