Bharuch, December 10: The effects of demonetization could be seen even after over 1 year. The Directorate of Revenue Intelligence (DIR) officers seized Rs. 48.91 crores of demonetized currency in Rs. 500 and Rs.1,000 denomination currency notes after they zeroed in office premises at Bharuch in Gujarat. DRI is filing a complaint in the Court against the three (3) persons involved.
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(Rupees Ten Thousand) 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 49 crores, the fine is expected to touch about Rs. 245 crores. The persons whose name appear in investigations will also be probed.