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Indian economy suffering among note ban: New York Times

Cabinet clears ordinance to penalise persons with old notes

New Delhi: The Cabinet on Wednesday approved promulgation of an ordinance to impose a penalty, including a jail term, for possession of the scrapped 500 and 1,000 rupee notes beyond a cut-off. The Cabinet headed by Prime Minister Narendra Modi also approved an ordinance to amend the RBI Act to extinguish the liability of the