Is keeping a old Rs. 500 or Rs. 1000 note as a memory is a crime?

Keeping old Rs. 500 or Rs. 1000 notes as a memory is not entirely illegal, but there are certain conditions and limitations. These notes were demonetized in November 2016, and since then, they have ceased to be legal tender5. However, the Specified Bank Notes (Cessation of Liabilities) Act, 2017, allows individuals to hold up to 25 such notes for "study, research or numismatics" purposes without facing penalties2.

Therefore, if you are keeping these notes for personal memory or as a collector's item, it is advisable to ensure that you do not exceed the limit of 25 notes and that your intention is genuinely for study, research, or numismatics. Holding more than this limit or for other purposes could potentially lead to legal issues, as the act prohibits holding, transferring, or receiving these notes beyond the specified exemptions2.

In summary, keeping a few old Rs. 500 or Rs. 1000 notes as a memory is not a crime if done within the legal framework provided for numismatics or similar purposes.