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Bengaluru: 2 RBI officials held for note conversion

The CBI has stated that a few more officials from the RBI could be involved in illegal exchange of demonetised currency with new notes.

By: Express News Service | Bengaluru | Published: December 18, 2016 4:30 am

The CBI on Friday arrested two Reserve Bank of India (RBI) officials in Bengaluru on charges of converting Rs 1.99 crore of demonetised currency with legal tender. The two arrested were identified as Sadananda Naika, a senior special assistant, and A K Kavin, special assistant of the cash department, at RBI in Bengaluru. The CBI has stated that a few more officials from the RBI could be involved in illegal exchange of demonetised currency with new notes.

Naika and Kavin were responsible for remitting new currency notes in exchange for demonetised notes and gave away new currency notes to the tune of Rs 1.99 crore in violation of the currency exchange limits imposed by RBI, the CBI has said. On December 12, CBI had arrested K Micheal, a senior special assistant with RBI, for allegedly conniving with bank staff to divert Rs 1.51 crore in new currency.

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  1. K
    kb
    Dec 18, 2016 at 1:55 am
    Were newsmen more accurate, the news would have been ‘clerical cadre employees arrested’ instead of ‘senior officials’, etc. Not that senior officials are all above board. News based on facts always score over sensational news and credibility of the news media. A cross section of our society, or any society for that matter, always contain such characters, and they deserve no mercy whatsoever.
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