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You would then have to account for how the money came. Once I had to transfer money between banks without NEFT. I withdrew from one bank and deposited in another bank. One of the notes turned to be counterfeit. It was a bit tense and since I was their privileged banking customer they were willing to listen.I then told them where it came from and then had a staff from the receiver accompany me to the nearby bank 1 and got a statement from them. Since the bundle was unopened and I was insistent on my rights, I had no issues and moved on. However, if I could not account for how the money came to my pocket, I would be investigated and potentially could have even been arrested. It doesn’t happen that often though and if it is just a couple of notes, the banks & police would mostly be lenient.As one of the commentors below pointed out, a person was given a 5 years imprisonment for depositing 17 counterfeit notes, until the High Court intervened recently. Bombay High Court ruled ‘mere Possessing counterfeit or forged currency, without knowledge, cannot constitute offence’ - If you could prove that it was without your knowledge and a genuine mistake, you could avoid trouble.This is the same whether it is during demonetization or during regular times.

I am amazed by the free flow of suggestions given by so called experts to convert the old currency notes to new ones and make your black money to white after the demonetisation of Rs 500 and 1000 notes by the present government.It is wisely said, ‘A little knowledge is a dangerous thing’. Everyone have become an expert in giving advice to convert black to white overnight. I only hope that people don’t follow their advice and put themselves to greater danger.If you have only a few lakhs of black money in old currency notes, it is possible to convert that to new notes without much problem. However, if you have several crores of black money, it is extremely risky to do it.The government has brought the demonetisation scheme not for petty black money hoarders but to catch the big fishes who are running a parallel economy in the country and corrupting the system using such black money.It is not easy to convert your old notes to new and your black money to white.If you are having black money in your locker or in your home, it is only an income tax violation and a civil offence in India. You can’t be sent to prison for income tax violations. However, in your attempt to convert your black to white, you may commit some offences whose consequences may be much more severe.Let me discuss the various modus-operandi floating around to convert your old notes to new and your black money to white.1: Buy GoldThis is the most popular method suggested by the so called experts. You take all your old notes of 500/1000 to a jeweller and buy gold biscuit/bricks from them. The black money rate of gold is almost double at Rs 50,000 per ten gram against the market value of around Rs 30,000. It means that you have already lost half of the value in such transaction. Moreover, your act can be captured in the CCTV camera of jeweller that can lead to IT/Customs raid in your house during which other illegal transactions can also come under scanner.You are perhaps not aware that gold is a notified item under Sections 123 of Customs Act. It means that if any imported/pure gold is seized from your custody, it is deemed to be smuggled unless you are able to produce documentary evidence for the legal import or procurement of the same. You may thus suffer imprisonment for smuggling gold in addition to seizure of gold and punishment under income tax act.2: Donate in TemplesIt is suggested that you first donate your money to temple in old currency notes who can then covert that to new currency notes and return to you. You forget that the temples do not have any magical power to convert old notes to new. When they would go to banks for conversion, all their new notes would be accounted for. Thereafter, they can’t return back to you any of them without committing fraud under IPC. Punishment here is again jail for connivance.3: Political DonationsOne great idea mooted is that you give black money to political parties who can freely accept donations unto Rs. 20,000 per person in cash. They can convert this old currency notes to new and give back your money. You forget that once the party converts the old notes to new, it is all accounted for. Thereafter, they can’t give it to their own party members without inviting troubles from several quarters.4: Deposits in the Jan Dhan AccountIt looks so easy that you ask the poor people to deposit your black money in their account and then give you back the new notes after taking their little commission. You are taking a great risk by following this modus operandi. If that poor man refuses to pay you the money back, you can’t do anything against him.It would take just a small software to identify such accounts where such money was deposited after 8th November and withdrawn thereafter. If tax authorities bring a few such people to their office based on this evidence, these poor people would spill the beans in no time.If the money belong to a businessman, he can be proceeded under Income Tax laws. However, if it belong to a government official or a politician, he can also be proceeded under Prevention of Corruption Act.5: Giving Back-dated LoanThis modus operandi is similar to deposit in the bank account of poor with additional risk on your part. You have created an additional evidence against yourself by signing the contract/loan-agreement. You can never back-out thereafter. It is also important to know that government officers have to give written information to government when they give loans or take loans beyond a specified amount.6: Paying Advance SalariesDo you think that you can pay advance salaries to your employees for few months and no one would know? You can never be tough with your employees as their one complain is enough to put you in trouble for transacting with an illegal currency after November 8.7: Booking and Cancelling Train TicketsThis modus operandi suits only the petty businessmen and officers. Imagine the evidence created by yourself by filling up the form, standing in the queue under CCTV surveillance for only few thousand of conversion. How much do you think you can convert by this method? In any case, government has already banned such cancellation.ConclusionGovernment is well aware of the ramification of its move. They also know how people are converting their black to white. They may act at the appropriate time when they have gathered sufficient evidences and made more stringent laws to curb the black money.Sources:https://indiankanoon.org/doc/1571757/http://www.tribuneindia.com/news/business/gold-touches-rs-50-000-in-mumbai-black-market/320951.html

My understanding is that, unlike the US, Great Britain has a policy of rotating the Britons who appear on its currency (although the monarch is always on the other side).Charles Darwin has appeared on the £10 note since 2000.About four years ago the £5 note was redesigned to introduce a number of anti-counterfeiting features (including a transition from paper to polymer) and in that process the prison reformer Elizabeth Fry, who had previously appeared on the £5, was replaced. So at that point no women (other than the Queen) appeared on any British currency. A campaign began to include a deserving female non-royal on the next note to be redesigned, which was the tenner, so when it came time for the £10 note to be changed, Austen was selected by the Bank of England.As one of the greatest geniuses who ever wrote in English, she is certainly deserving.