Demonetisation: Delhi Police raids T & T law firm in GK 1, recovers about Rs 8 crores, of which at least Rs 2 crores in scrapped currency notes

By: | Updated: December 11, 2016 1:19 AM

The Delhi police crime branch today raided the T & T law firm at R-89, GK 1 in South Delhi, and seized currency notes of an amount of at least Rs 8 crores.

Among the total amount seized by the crime branch, at least 2 crore of currency notes were in the new notes circulated by the Reserve Bank of India (RBI). (Reuters)Among the total amount seized by the crime branch, at least 2 crore of currency notes were in the new notes circulated by the Reserve Bank of India (RBI). (Reuters)

As the last date for exchanging old currency notes of the denomination Rs 500 and Rs 1,000 nears, the Delhi police crime branch today raided the T & T law firm at R-89, GK 1 in South Delhi, and seized currency notes of an amount of at least Rs 8 crores. Among the total amount seized by the crime branch, at least 2 crore of currency notes were in the new notes circulated by the Reserve Bank of India (RBI).

There had been a ban on the old currency notes of higher denomination, since Prime Minister Narendra Modi, on November 8, had initiated the demonetisation policy. The Prime Minister’s initiative came in the wake of the rise in the circulation of black money in the country. And amid public distress following the note ban policy, the central government had relaxed the deadline of replacing the scrapped currency notes till December 31.

Earlier, yesterday, in a raid conducted by the income tax department in the Chandni Chowk area of central Delhi, at least 44 fake accounts were unearthed at a branch of the Axis bank, in which, at least Rs 100 were deposited in scrapped currency notes. Since the central government had implemented the anti-graft policy, at least Rs 450 crore had been deposited in the branch of the specific bank. Reportedly, the accounts, made with the help of forged document, had money, most of which had been laundered in buying golds.

Chaotic situation erupted among the common people of the country, since the implementation of the anti-graft policy, with several people making desperate attempts to save their cash from getting useless pieces of papers. And even after a month from its implementation, people had been seen standing in never-ending queues, waiting for hours outside banks and ATMS, to replace their old currency notes, and get a grab of some usable cash, for their daily needs, even as the money machines run out of money.

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