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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