The maximum number of banned currency notes that anyone will be allowed to keep is 10.

Those who couldn't deposit old notes because they were abroad, or in inaccessible areas or are in the military will be allowed to do so at the RBI.

With this ordinance, Prime Minister Narendra Modi and his cabinet have ended the liability of the government and the central bank on the banned notes to prevent future litigation. Unless the liability ends, the RBI cannot turn away anyone carrying an old note.

There may be a fine of at least 50,000 rupees or five times the amount caught -- whichever is higher. A magistrate will hear cases involving violation and decide on the punishment.

PM Modi has said the notes ban will help bring crores in black or unaccounted money back into the system.

The government's move took out 86 per cent of the money in circulation.

According to the RBI, more than 13 lakh crores in old notes has already returned to the system as deposits.

People with undeclared money in old notes will have a one-time window to deposit their undeclared money in banned notes and pay 50 per cent in tax and penalty.

But anyone caught by the taxman will have to pay almost 90 per cent of the amount they have, says the government.