New Delhi, Mar 1 (KNN) The rule which makes holding of more than 10 scrapped notes punishable with a minimum fine of Rs 10,000 has been notified by the government.

The Specified Bank Notes (Cessation of Liabilities) Act, 2017, was passed by Parliament last month with a view to eliminating the "possibility of running a parallel economy" using the old Rs 500/1,000 notes that have been demonetised.

The law has been signed by President Pranab Mukherjee on February 27.

The new rule also provides for a minimum fine of Rs 50,000 for false declaration by persons who were abroad during November 9-December 30, 2016 and given time to deposit such scrapped notes with RBI till March 31.

The Act also ends the liability of the Reserve Bank and the government on the demonetised currency notes.