The Hyderabad Police booked two bank employees for exchanging demonetised notes worth six lakh without providing required documentation, PTI reported on Monday. Saroornagar Police officials said the accused, a clerk Mallesh and a cashier Radhika at Syndicate Bank’s Kamala Nagar branch, deposited the currency notes in violation of the Reserve Bank of India’s rules, The Times of India reported.
The development follows the announcement of a demonetisation exercise in the country, that made Rs 500 and Rs 1,000 notes illegal tender as part of the government’s efforts to curb corruption.
The police booked the employees, who were suspended from work, based on a complaint filed by the bank’s branch manager Narsaiah. Saroornagar police inspector S Lingaiah said, “Mallesh handed over six lakh of demonetised currency to Radhika and without collecting any identity proof, she gave him the new currency,” the English daily reported. Police officials said the accused returned Rs 5.6 lakh in new currency notes.
The daily limit on old currency that can be exchanged at banks was raised from Rs 4,000 to Rs 4,500 on Sunday night. The Income Tax Department had asked banks to keep them informed of deposits of more than Rs 2.5 lakh, and said previously unaccounted for money will be taxed up to 200%.
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