Demonetised Currency Worth Rs 1 Crore Seized in Visakhapatnam

The City Task Force (CTF) arrested two persons in the city for being in possession of old currency worth nearly Rs 1 crore. Based on a tip-off, the CTF arrested these two after raiding a garage in MVP Colony. The accused had planned to switch these notes through NRI accounts from the RBI office in Chennai in return for a commission.

The note exchange window for NRIs is open till June 30. The duo were handed over to the MVP police after their arrest. One of the accused is a resident of Anakapalle and the other, a resident of Peddapuram in East Godavari. The commission fixed for exchanging these notes was reportedly fixed at 50% by the accused.

The seized currency reportedly consists of 3,798 notes of Rs 1,000 and 12,394 of old Rs 500 bills. The accused have now been arrested under the Specified Bank Notes (Cessation of Liabilities) Act, 2017. The law states that holding more than 10 number of old currency is a criminal offence. Holding so will attract a fine of Rs 10,000 or five times the cash held – whichever is higher.

Just last month, the CTF has arrested five people who were trying to exchange the old currency for a commission. Rs 1.48 crore was seized then. In March, the police raided an apartment and seized Rs 1.19 crore in old currency. Three persons were taken into custody then.