DEMONETIZATION of Rs. 1000 & Rs. 500 Notes in INDIA December 28, 2016: The Indian Cabinet approved: (1) Promulgation of an ordinance to impose penalty, including a jail term, for possessing the scrapped 500 and 1000 rupee notes beyond the cut-off date. (2) An ordinance to amend the RBI Act to extinguish the liability of the government and the central bank on the demonetized high-denomination notes to prevent future litigations.