DRI seizes about Rs 49 cr demonetised currency in Gujarat

Speed Post News Network

New Delhi : Sleuths of the Directorate of Revenue Intelligence (DRI) zeroed in on an office premises at Bharuch in Gujarat and recovered about Rs 48.91 crore of demonetised currency in Rs 500 and Rs.1,000 denomination currency notes on December 8/9, 2017.

Acting on the specific intelligence, the officers of DRI, Surat,  assisted by the officers of CGST Vadodara-II, raided a premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch, and recovered Specified Bank Notes (demonetized Rs 1,000 and Rs 500 currency notes) of face value of Rs 48,90,96,000 (Forty Eight Crore Ninety Lakh and Ninety Six Thousand) on December 8/9, 2017.

Under Section 7 of the newly enacted The Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever contravenes provisions of Section 5 of the said Act shall be punishable with fine which may extend to Rs 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher, according to a PIB release.

In the instant case, with the demonetised currency detected by DRI amounting to about Rs 49 crore, the fine is expected to touch about Rs 245 crore. The persons whose name appear in investigations will also be probed. Therefore, the ramifications can be wide and far reaching. DRI is filing a complaint in the Court against the three persons involved.