Demonetised currency notes of Rs 1,000 and 500 worth over Rs 10.5 lakh were found discarded in a secluded area in Aurangabad’s CIDCO locality, reported news agency ANI. The central government had in January 2017 notified 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 scheduled to come into force from December 31, 2016, in an attempt to prevent the use of old currency notes and possibility of running a parallel economy.
The law was signed by President Pranab Mukherjee on 27 February. The 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.