Demonetised currency worth 1.85 crore nabbed in Hyderabad

Agents of Hyderabad's Commissioners Task Force, North Zone on Sunday detained 13 persons in possession of demonetised Indian currency notes of Rs. 500 and 1000, totalling up to Rs. 1,85,00,000.

Along with this, the police also seized two cars and 13 cell phones.

The perpetrators, under the pretext of illegally exchanging these notes, were nabbed while attempting to exchange them with agents.

Post Prime Minister Narendra Modi's demonetisation drive that was rolled out on November 8 last year, a ban was imposed on the circulation of Rs. 500 and 1000 notes, with subsequent circulation of Rs. 2000 notes that were printed to balance the cash flow.

Citizens were allowed to exchange their notes until December 31, 2016, following which the ban would be imposed. However, in case of NRIs living abroad, the Reserve Bank of India (RBI) revealed that they would be given time till June 30, 2017 to exchange notes up to Rs. 25,000. Anybody possessing money more than the aforementioned limit would be deemed as an offender.

To this effect, D.C.P, of the Commissioners Task Force, Hyderabad, Limba Reddy, said the accused took possession of notes from such NRIs under the pretence of getting the notes exchanged in time, and also levied a commission on the same.

"The accused made false promises to the NRIs of exchanging the notes and in the process, we recovered these notes. I appeal to the people to not fall for such promises. Please surrender the demonetised money, since possession and exchange of the notes are also considered an offence," he said.

Under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which was passed in March 2017, it is illegal for Indian citizens to hold more than ten notes of the invalid currency after March 31, 2017.