New Delhi, Dec 26: On the 46th day after the demonetisation drive of Prime Minister Narendra Modi, the government is once again mulling to change the rules. Centre is reportedly exploring the option of cracking down on those who have stored wealth in demonetised notes. According to NDTV, government is looking to issue a fresh ordinance which would allow imposition of heavy penalty who have still accumulated cash in the Rs 500 and Rs 1000 notes which have lost legal tender. As per NDTV sources, a fine of Rs 50,000 or 5 times the amount recovered in Rs 500 and 1000 notes would charged as penalty after December 30.Also Read - Unaware of Demonetisation, Visually Challenged Beggar Seeks Exchange of RS 65,000 Life Savings

However, an exemption will be provided. Those found with 10 or less notes of Rs 500 and Rs 1000 denominations would not be forced to pay any sort of penalty. Also Read - Rs 10 Lakhs Cash Including Demonetised Notes Recovered from Deceased Beggar's Home in Tirumala

Important to note is that government has not officially confirmed this decision by the time this report was first published. The ordinance has not yet been brought by the government. However, sources linked to CNN-News 18 also claimed that the government is set to bring in the new ordinance crackdown the misuse of old notes. The maximum amount which one could be allowed to store in old notes is Rs 10,000, the channel reported. Also Read - Rs 2,000 Notes Not Printed in Last 2 Years! Here's What Govt Said About The Rs 2,000 Currency Notes

Government had also provided option of exchanging old notes in Reserve Bank of India (RBI) till March 31. No restriction was mentioned in the amount which could be deposited in the RBI post-December 30.

On November 8, 2016, Centre had demonetised the existing notes of Rs 500 and Rs 1000. Prime Minister Modi had assured that the notes could be replaced till December 30. However, in the past week, it was announced that those seeking to deposit any amount above Rs 5000 in demonetised notes would be subjected to questioning except for the first occasion. The decision was withdrawn within 24 hours after centre drew enormous amount of flak.

The 50-day period for restoration of normalcy which Prime Minister Modi had sought following the note ban is about to be completed. However, it remains unlikely whether the cash crunch in the market would cease to exist. The shortage of transactionable cash in the market remains intact. Reports claimed that the restrictions on withdrawal of cash is likely to remain in January 2017 as well.