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Simply stepping forward and declaring the money is not an appealing option for tax dodgers, as banks have to report to tax authorities anybody depositing over 250,000 rupees ($3,765).

Indians find way out as black money noose tightens

Being found to be holding undeclared cash can lead to a penalty of 200 per cent of the tax owed.

12 Nov 2016 10:42 AM IST

Naik had the money in demonetised notes and wanted to get it exchanged.

Govt drops jail term for holding more than 10 old notes

Govt made a U-turn on 4-year jail term but will continue with the plan to impose a fine of up to Rs 50,000 for holding...

29 Dec 2016 7:14 PM IST

The bag contained Rs 500 and Rs 1000 currency notes, which were demonetised by the government earlier this month.

Govt plans heavy fine on possession of demonetised notes

The penal provisions, which are yet to be finalised, will involve a fine of a minimum Rs 50,000 or 5 times the amount in...

26 Dec 2016 7:59 PM IST

Cash recovered by Income Tax department from a bank locker in Pune. (Photo: PTI)

Know cost of printing Rs 2,000 and Rs 500 notes

Govt had scrapped Rs 15 lakh crore worth of old Rs 1,000 and Rs 500 notes in November last year.

15 March 2017 5:23 PM IST

New currency notes of Rs 500. (Photo: PTI)

RBI issues new batch of Rs 500 notes to boost supply

There is no major change in design of these notes in comparison to the earlier issued notes.

13 Jun 2017 2:04 PM IST

RBI Governor Urjit Patel. (Photo: PTI)

Rs 500, Rs 2000 notes were in stock before DeMo: RBI

Urjit Patel says no records of talks between RBI and govt on note ban were maintained because of secrecy.

27 April 2017 6:59 PM IST

S&P corporates and banks are likely to face short-term downside risk as the demonetisation-induced cash crunch will curtail GDP growth.

Demonetisation: SC refuses to extend use of old Rs 500 notes

Refers petitions to five-judge Constitution bench by framing 9 questions for adjudication.

16 Dec 2016 11:39 AM IST

People queue up outside an ATM to withdraw money at Shastri Bhavan in New Delhi. (Photo: PTI)

2 lakh ATMs recalibrated, focus now on printing Rs 500 notes: Govt

Economic Affairs Secretary Shaktikanta Das also said that the new Rs 500 and Rs 2000 notes are difficult to counterfeit.

15 Dec 2016 6:40 PM IST