Directorate of Revenue Intelligence (DRI) – an Intelligence Agency of the Government of India – said Sunday it zeroed in on an office premises at Bharuch in Gujarat State and recovered Rs. 48.91 crore of demonetized currency in Rs. 500 and Rs.1,000 denomination currency notes.
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 on 8th and 9th December, 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.
In the instant case, with the demonetized currency detected by DRI to be of the order of about Rs. 50 crore, the fine is expected to touch about Rs. 245 crore. The persons whose name appear in investigations will also be probed. Therefore, according to DRI, the ramifications can be wide and far reaching.
DRI says it is filing a complaint in the Court against the three persons involved in the case. The various details are with DRI now and are under investigation.
Photo courtesy: Press Information Bureau
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