Rs 157500000 black cash seized

New Delhi: The DRI today seized Rs 15.75 crore in demonetised Rs 1,000 and Rs 500 notes. The seizure was effected from a residential premises near Jhandewalan metro station here.

Acting on intelligence, the officials of Directorate of Revenue Intelligence (DRI) raided the premises and recovered specified bank notes of old Rs 1,000 and Rs 500 denominations of face value of Rs 15.75 crore, a senior DRI official said.

Ten people have been arrested in the case by the DRI, he said. The accused are businessmen dealing in real estate, jewellery and trading, among others, the official said.

Under Section 7 of the newly-enacted Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever is found to possess the defunct notes contravenes shall be punished with fine which may extend to Rs 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.

In this case, the total amount of fine may go up to Rs 78.75 crore.