New Delhi: The Directorate of Revenue Intelligence (DRI) sleuths zeroed in office premises at Bharuch in Gujarat and recovered Rs 48.91 crore of demonetised currency in 500 and 1000 denomination currency notes.
Acting on specific intelligence, the officers of DRI, Surat, assisted by officers of CGST Vadodara-II, raided premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch and recovered demonetized currency notes of Rs 1,000 and Rs 500 of face value of Rs 48.90 crore on 8th/9th December.
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 demonetised 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 appears in investigations will also be probed. Therefore, the ramifications can be wide and far-reaching.
DRI is filing a complaint in the Court against the three (3) persons involved.