Business Standard

Gujarat polls: Rs 50 cr in scrapped notes seized, Rs 245 cr fine expected

Keeping demonetised notes is punishable by a fine which may be up to five times the amount of the recovery at face value

IANS  |  New Delhi 

note ban, demonetisation, currency, money

The Intelligence (DRI) has recovered nearly Rs 50 crore in the of Rs 500 and Rs 1,000 denomination in Gujarat on day, the Union Ministry said on Sunday.

The scrapped notes were seized on Saturday during the first phase of assembly elections in the state.

"Acting on a specific intelligence, the officers of DRI, 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 Rs 48.91 crore" on December 8/9", a statement here said.

"With the demonetised currency detected by DRI to be of the order of about Rs 49 crore, the fine is expected to touch about Rs 245 crore," it added.

Under the Specified Bank Notes (Cessation Of Liabilities) Act, 2017, keeping demonetised notes is punishable by a fine which may be up to five times the amount of the recovery at face value.

DRI is conducting further investigations and is also filing a complaint in court against the three persons involved, the Ministry said.

First Published: Sun, December 10 2017. 16:59 IST