ALSO READIncome Tax dept detects undisclosed income of over Rs 5300 cr 'Budget should reduce income tax, corporate tax to boost consumption' Income tax department identifies 67.54 lakh potential non-filers for FY 2014-15 Paul Merchants updates on order of Income Tax Settlement Commission Budget makes tax compliance easy for small tax payers
Three persons were arrested here for allegedly trying to exchange demonetised notes in Rs 1.35 crore for a commission, police said today.
Police apprehended the trio at Rakshapuram last evening when they were planning to exchange the scrapped notes for 40-60 per cent commission with one Ashok Kumar, an exchange broker cum a small-time film producer.
V Sridhar, Najeeb Ali Khan and Shaik Naseer Hussain, who were travelling in two cars, were found in possession of old currency notes of Rs 500 and Rs 1000 denominations with a face value of Rs 1,35,80,000, the Hyderabad Police stated in a release.
The trio had collected the scrapped notes from nine persons to get them exchanged with Kumar. Police have formed teams to trace them.
Hyderabad Police have arrested as many as 24 persons from different parts of the city since March 13 in separate cases and seized demonetised notes having face value of Rs 2.9 crore, when they allegedly tried to exchange the scrapped notes with new ones.
On March 14, police had arrested a "mentally disturbed" man, when he allegedly tried to deposit fake notes having face value of Rs 9.91 lakh that had "Children Bank of India" printed on them at a PSU Bank.
In another case, two local businessmen were yesterday arrested and fake notes having a face value of Rs 6.20 lakh in denomination of Rs 2,000 were seized from them.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)