DRI Recovers About Rs 50 Crore of Demonetised Currency in Gujarat
Bharuch, December 12: In a bid to curb the menace of black money from the system, the Directorate of Revenue Intelligence (DRI) has managed to recover about Rs 50 Crores of Demonetized Currency. DRI, a pioneer Intelligence Agency of the Government of India, zeroed in on office premises at Bharuch in Gujarat State and recovered about Rs 48.91 crores of demonetised currency in Rs 500 and Rs1,000 denomination currency notes.
Acting on the specific intelligence, the officers of DRI, Surat, assisted by the officers of CGST Vadodara-II raided a premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch and recovered Specified Bank Notes (demonetized Rs 1,000 and Rs 500 currency notes) of the face value of Rs. 48,90,96,000/ on 8th / 9th December, 2017.
According to a government press release, 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 appear in investigations will also be probed. Therefore, the ramifications can be wide and far-reaching. The government release further added that the DRI is filing a complaint in the Court against the three (3) persons involved. The various details are with DRI now and are a matter of investigation.