Demonetised notes worth Rs 2.70 crore seized from Jaipur, three detained

Under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, possession of more than 10 notes of the demonetised currency is a punishable offence. According to news agency ANI, the notes three persons, including a home guard, have also been detained in connection with the case.

By: Express Web Desk | New Delhi | Updated: July 9, 2017 9:10 am
Demonetisation, old notes Old currency notes recovered from jaipur by ATS on Saturday night.  (Source: ANI)

ATS seized demonetised notes worth Rs 2.70 crore from Surajpole in Jaipur, Rajasthan on Saturday night. According to news agency ANI, three persons, including a home guard, have been detained in connection with the case.

In January 2017, the central government had announced that possession of more than 10 notes of the demonetised currency will be a punishable offence. Parliament had passed the Specified Bank Notes (Cessation of Liabilities) Act, 2017 to this effect where offenders can be fined at least Rs 10,000. This was done to prevent the use of old currency notes and eliminating the possibility of running a parallel economy.

The law was signed by President Pranab Mukhrjee on 27 February. Old Rs 1,000 and 500 notes were scrapped after Prime Minister Narendra Modi made an unexpected announcement in this regard on November 8, 2016. The objective behind the move, he had said, was to check black money. People were allowed to exchange their old notes for new Rs 2,000 and 500 notes introduced by Reserve Bank of India till December 30, 2016.

Meanwhile, the Supreme Court on Tuesday asked the Centre and Reserve Bank of India to consider granting a window for people to exchange their old notes who could not do it before the deadline. “You (Centre) cannot be allowed to deprive a person of his money if he couldn’t deposit it due to some genuine problems. Consider giving a window to a genuine problem. What if someone is terminally ill and couldn’t deposit the money,” the apex court bench had said.

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  1. K
    Kalpita
    Jul 18, 2017 at 8:25 pm
    Today's Indian express Mumbai edition has its editorial page printed twice on page number 8 and 10. The only difference is one is in colour and the other is black n white. Lol
    Reply
  2. R
    romi
    Jul 9, 2017 at 5:16 pm
    pssible this guy was waiting hoping that ours stupid supreme count will force government to allow depositing old notes
    Reply
  3. S
    Sankaran Krishnan
    Jul 9, 2017 at 4:14 pm
    Again and Again the Govt. is committing the mistakes and what purpose will it serve if fine is imposed for Rs.10,000/- and imagine for worth Rs.2.70 Crores banned Notes they don't mind in paying Rs.10,000/- fine and those who had drafted the Bill singed by the Hon'ble President do not have any sense to include such meager amount as fine and why not impose a fine of 1 year ry to be deducted to be payable to PM Relief Fund for his stupidity ???
    Reply
  4. M
    merabharathmahan
    Jul 9, 2017 at 10:16 am
    it is not fair on the part of present govt to scrap notes issued by earlier governments. if that is the case next govt may scrap the notes issued by the present govt.. i humbly request the hon'ble supreme court and present govt and other authorities to give a chance to exchange the scrapped currency till last piece is exchanged as it is a legal tender and can not deny its own promise.As regards taxing..they can enforce the same strictly if some body contains more currency illegally after completion of full exchange. infact in our country total 125 crore population..if they hold cash for a week's requirement it comes to 125xrs4000 500000 crores of amount and if only rs 100 note is allowed how much cash ding genuinely required. govt should not work on hypothetical arguments...
    Reply