The government is mulling to slap a heavy penalty to those who possesses old Rs 1000 and Rs 500 notes beyond its deadline of December 30.

According to sources, havening more than 10 notes of banned currency might attract a fine of Rs 50,000 or 5 times the amount you hold or whichever is higher.

Earlier in 1978, Janta Party government under Morarji Desai, the government had taken similar step.

However, official confirmation about the penalty is yet to come from the government.