ED seizes Rs 10 lakh new notes, Rs 16 lakh foreign currency in Jalandhar
A team of Enforcement Directorate (ED) on Friday seized Rs 10 lakh cash in new notes apart from Rs 16 lakh worth foreign currencies after it conducted a raid on the premises of a forex dealer, situated at old Phagwara road in cantonment locality.
According to officials the operation was conducted under the provisions of the Foreign Exchange Management Act (FEMA) against a trading firm, Shree Ganesh Hire Purchase, as part of its operations against black money holders post demonetisation.
“A total of Rs 10 lakh cash in new notes has been seized along with Rs 16 lakh worth of foreign currency from various countries. The investigations in the case are ongoing,” said the officials.