Gujarat Election: Intelligence body seizes demonetised notes worth Rs 50 crore on first phase polling day

Directorate of Revenue Intelligence has recovered nearly Rs 50 crore in the banned currency of Rs 500 and Rs 1,000 denomination in Gujarat on election day, the Union Finance Ministry said

IANS December 10, 2017 16:01:39 IST
Gujarat Election: Intelligence body seizes demonetised notes worth Rs 50 crore on first phase polling day

New Delhi: The Directorate of Revenue Intelligence (DRI) has recovered nearly Rs 50 crore in the banned currency of Rs 500 and Rs 1,000 denomination in Gujarat on election day, the Union Finance Ministry said on Sunday.

Gujarat Election Intelligence body seizes demonetised notes worth Rs 50 crore on first phase polling day

Representational image. Reuters.

The scrapped notes were seized on Saturday during the first phase of assembly elections in the state.

"Acting on a specific intelligence, the officers of DRI, Surat and the Central Goods and Services Tax (CGST) compliance unit in Vadodara raided the premises belonging to Yamuna Building Material in Bharuch and recovered demonetised currency notes of the face value of Rs 48.91 crore" on 8/9 December", a statement in New Delhi said.

"With the demonetised currency detected by DRI to be of the order of about Rs 49 crore, the fine is expected to touch about Rs 245 crore," it added.

Under the Specified Bank Notes (Cessation Of Liabilities) Act, 2017, keeping demonetised notes is punishable by a fine which may be up to five times the amount of the recovery at face value.

DRI is conducting further investigations and is also filing a complaint in court against the three persons involved, the Ministry said.

 

Click here for detailed coverage of Gujarat Assembly Election 2017

Updated Date:

also read

Mumbai: Heroin worth Rs 40 crore seized at airport
India

Mumbai: Heroin worth Rs 40 crore seized at airport

According to DRI Customs, their officials took two foreign nationals into custody after drugs worth ₹ 40 crore was recovered from them at Mumbai Airport on Sunday

Five natural remedies for dry skin in winters
Lifestyle

Five natural remedies for dry skin in winters

Milk or malai are among the best natural moisturisers out there. Massaging your skin with a little fresh cream or full cream milk can leave it moisturised. Mayonnaise also has moisturising properties. Adding baby oil to it will make the pack better