DRI seizes about Rs49 cr of demonetised currency in Gujarat
11 December 2017
The Directorate of Revenue Intelligence (DRI), the apex intelligence agency of the government of India dealing with revenue matters, has recovered Rs48.91 crore in demonetised currencies of Rs1,000 andRs500 from an office premises at Bharuch in Gujarat.
Acting on specific intelligence, officers of the DRI in Surat, assisted by officers of CGST Vadodara-II raided a premises of Yamuna Building Material, GIDC Panoli, Bharuch and recovered specified bank notes (demonetised Rs1,000 and Rs500 currency notes) of a total value of Rs48,90,96,000 on 8-9 December 2017, according to an official release.
The possession of specified bank notes (demonetised Rs1,000 and Rs500 bank notes) is contravention of the provisions of section 7 of The Specified Bank Notes (Cessation of Liabilities) Act, 2017, which is punishable with fine of up to Rs10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.
The seizure of nearly Rs49 crore in demonetised bank notes could invite a fine of Rs245 crore while the person/s whose names appear in investigations will also be probed. Therefore, the ramifications can be wide and far reaching.
DRI is investigating the matter and is yet to reveal full details of case.