DRI recovers demonetised currency notes worth Rs 50 crore in Gujarat
The agency is planning to initiate proceedings against three people and the fine in this case may go up to Rs245 crore.india Updated: Dec 09, 2017 23:32 IST
The Directorate of Revenue Intelligence (DRI) recovered demonetised currency notes of Rs500 and Rs1,000 worth a face value of nearly Rs50 crore in Gujarat on Saturday during the first phase of assembly polls.
“Acting on a specific intelligence, the officers of DRI, Surat and the Central Goods and Services Tax (CGST) compliance unit in Vadodara raided the premises belonging to Yamuna Building Material in Bharuch and recovered demonetised currency notes of the face value of Rs48.9 crore.” said a DRI official.
Agency officials said keeping demonetised notes is punishable by a fine which may extend to five times the amount of the recovery taken at face value under the newly enacted Specified Bank Notes (Cessation Of Liabilities) Act, 2017.
The agency is planning to initiate proceedings against three people and the fine in this case may go up to Rs245 crore, the official added.
According to the law, it is illegal to possess these notes beyond the grace period.
In November, the NIA recovered demonetised currency to the tune of Rs36.34 crore and arrested nine people in the national capital.
The agency had recovered the notes when the accused were planning to exchange it for current notes with the help of middlemen on a commission basis.