Ordinance

The president has just given his nod to an ordinance that recognises home buyers as ‘financial creditors’ and protects their investments!

The President of India has approved the promulgation of Specified Bank Notes (Cessation of Liabilities) Ordinance, 2016. People holding more than 10 old notes will now face a penalty of Rs. 10,000, or five times the amount in excess of the allowance. Rakesh Dubbudu from Factly explores more.