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LATEST NEWS UPDATES | 17% of cash seized in raids during demonetisation were in new notes

17% of cash seized in raids during demonetisation were in new notes

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published Published on Jul 9, 2017   modified Modified on Jul 9, 2017
-The Times of India

NEW DELHI: As much as Rs 110 crore of the Rs 610 crore of unaccounted money seized in raids during demonetisation was in new Rs 2,000 and Rs 500 notes, indicating misuse of windows offered by the government to change old currency.

The new currency seized by police and income tax officials was partly generated through routes such as petrol pumps, railway and airline ticketing and toll plazas where denotified notes were accepted and also the handiwork of a section of crooked bank officials who exchanged notes illegally.

The figures are part of the arguments made by the Centre in the Supreme Court in explaining its reluctance in offering a fresh window for exchange of old notes. The exemptions offered, it has said, have been abused and so might any new windows. The SC has suggested that a genuine case where a person for circumstances out of his control was unable to change old currency should be given an opportunity to argue his case. The view in the Centre is even a deserving case can be exploited to change illegal money.

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The Times of India, 9 July, 2017, http://timesofindia.indiatimes.com/india/17-of-cash-seized-in-raids-during-demonetisation-were-in-new-notes/articleshow/59509184.cms


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