Worry, collectors of demonetised currency

Numismatists beware. You may have nothing to lose but some defunct currency from your coins and paper money collection. There is reportedly some talk in the government about penalising the possession of those old Rs 500 and Rs 1,000 currency notes that stopped being legal tender from midnight, November 8.

The plan — according to a government official who refused to be named for obvious reasons that includes deniability — is supposedly to fine Rs 50,000 or five times the amount of the now-defunct value of the notes kept by an individual if the number of notes is more than 10.

In effect, even as a collector of those pre-2017 Rs 500 and Rs 1,000 notes, having more than 10 — something a collector may have of other notes and coins for trading purposes with other collectors — will make you seriously cash-poorer.

If this latest ‘thinking’ in the ongoing ‘let’s make up the rules as we go along’ exercise actually materialises, there is no telling where it may end.

Will the possession of cowries, Mughal coins and notes with the face of George V also become punishable? Also, if more than 10 completely valueless (except if one sells it by the kilo as kabari) Rs 500 notes are found used in origami classes or to wrap birthday gifts in, does that count as ‘possession’? Clearly, the best thing to do is to watch this space — and your numismatical neck.