The Directorate of Revenue Intelligence on Saturday seized Rs 48.91 crore in demonetised notes from an office in Bharuch in Gujarat. The bills were seized on the first day of voting in the Assembly elections.
The Finance Ministry said the agency had acted on “specific intelligence”. Officers from the DRI branch in Surat, along with officials from the Central GST Office in Vadodara, raided the office of M/s Yamuna Building Material and recovered the scrapped Rs 500 and Rs 1,000 notes.
With nearly Rs 49 crore seized, the three involved in the case are expected to be fined around Rs 245 crore. Possessing demonetised notes is punishable by a fine up to five times the amount recovered under the Specified Bank Notes (Cessation Of Liabilities) Act, 2017.
“The ramifications can be wide and far reaching,” the Finance Ministry said.
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