The government notified, The Specified Bank Notes (Cessation of Liabilities) Act, 2017; making it a criminal offence to possess more than a certain number of the old Rs. 500 and Rs. 1,000 notes

What the notification says
Possessing more than 10 pieces of old notes by individuals and more than 25 pieces for study, research or numismatics purposes would attract a fine of Rs. 10,000 or five times the value of the cash held, whichever is higher. 

This comes after government took the decision to demonitise high value currency notes was announced on November 8, 2016.