As per the Specified Bank Notes (Cessation of Liabilities) Act, 2017, a person can only be fined for storing old currency notes and it’s a non-cognisable offence. Officials say they have identified a well-oiled ring that was offering to change the old currency notes for new ones for a hefty commission. They were basically fooling people that they could do it after charging a commission of 30-40% of the value of the old notes. The exchange of old currency notes through fraudulent means stopped in March 2017. “There are several syndicates of cheats who are taking advantage of all those who had stored old currency notes.

Source: The Hindu January 21, 2018 17:15 UTC