Bangalore: The Bangalore City Crime Branch police have arrested two persons for possessing old currency notes worth of Rs 1.28 crore. The police have identified the arrested persons as Jemmy Rahul, 34, from Konanakunte in Bangalore, and Ajay, 26, from Honnavara of North Canara District in Karnataka.
“The CCB police have arrested the accused under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017. The violation of Section 7 invites six months imprisonment,’’ Praveen Sood, Commissioner of Police, Bangalore, told media persons.
The CCB police have raided basement of Jultha Surya Elite Apartment in Seshadripuram police limits after receiving a tip off from police informers. The CCB police have seized one Maruti car from the arrested persons.
“The preliminary investigation reveals that arrested persons were trying to exchange the old currency notes for new currency notes. The CCB police are investigating the case. I am announcing Rs 25,000 cash for the CCB team,’’ said Praveen Sood.
The Reserve Bank of India’s Central Board had recommended to the Central Government that the legal tender status of the bank notes in the high denominations of Rs 500 and Rs 1,000 be withdrawn.
The Union Cabinet headed by Prime Minister Narendra Modi met on November 8 and banned the circulation of high denominations of Rs 500 and Rs 1,000.
The Parliament has passed the Specified Bank Notes (Cessation of Liabilities) Act, 2017 to eliminate the possibility of running a parallel economy using the old Rs 500 and Rs 1,000 notes that have been demonetised on November 8, 2016.
