Revenue intelligence agency seizes nearly Rs 50 crore in demonetised notes in Gujarat’s Bharuch
The Finance Ministry said the three involved in the case may be fined around Rs 245 crore.
The Directorate of Revenue Intelligence on Saturday seized Rs 48.91 crore in demonetised notes from an office in Bharuch in Gujarat. The bills were seized on the first day of voting in the Assembly elections.
The Finance Ministry said the agency had acted on “specific intelligence”. Officers from the DRI branch in Surat, along with officials from the Central GST Office in Vadodara, raided the office of M/s Yamuna Building Material and recovered the scrapped Rs 500 and Rs 1,000 notes.
Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about Rs. 48.91 crores of demonetised currency in Rs. 500 and Rs.1,000 denomination currency notes. pic.twitter.com/FiJhpjsDt9
— Ministry of Finance (@FinMinIndia) December 9, 2017
With nearly Rs 49 crore seized, the three involved in the case are expected to be fined around Rs 245 crore. Possessing demonetised notes is punishable by a fine up to five times the amount recovered under the Specified Bank Notes (Cessation Of Liabilities) Act, 2017.
“The ramifications can be wide and far reaching,” the Finance Ministry said.