The Lok Sabha on Tuesday passed a Bill to make holding more than ten of the old Rs 500 and Rs 1,000 notes illegal. Union Finance Minister Arun Jaitley said the Specified Bank Notes (Cessation of Liabilities) Bill will remove the government’s liability towards the demonetised notes and will also remove the possibility of them being used as a parallel currency, PTI reported.

“No economy survives with ceased currency that operates in the market,” Jaitley said. “We must move to a greater digital economy and therefore free the economy from these vices….you cannot allow a parallel currency to operate in the market,” he said. The Bill also allows relevant authorities to fine people who were abroad between November 9, 2016-December 30, 2016 a minimum of Rs 50,000 for false declarations.

The finance minister said the large volume of currency in India had led to a parallel economy in the country that acted as a facilitator for corruption, counterfeit currency and terrorism. “So holding the currency beyond a specified limit for research and numismatic purposes will be an offence,” he said. The Bill replaces a similar Ordinance approved by President Pranab Mukherjee on December 30. The Ordinance allowed authorities to fine citizens for holding more than Rs 10,000 in the demonetised Rs 500 and Rs 1,000 notes after March 31, 2017.

On November 8, the government had demonetised Rs 500 and Rs 1,000 notes, which made up 86% of India’s currency, saying the move would help smoke out those hoarding black money. It has since said that the decision will also push India into becoming a cashless economy. The move has been widely criticised by the Opposition and economists, and citizens have faced a cash crunch ever since.