Old notes found floating in the Sabarmati

A huge stash of demonetised forex was discovered floating within the Sabarmati on Wednesday. Police said a lot of wads of banned notes of Rs 500 and Rs 1,000 denomination have been recovered from the river after a morning walker first noticed it floating within the river and alerted the police.

The incident has led to alarm coming as it does two-and-a-half years after demonetisation was announced on November 8, 2016. Sources, alternatively, said discovery of such discarded notes has came about on some occasions prior to now.

The newest discovery was made via morning walker Bharat Verma. Walking at the riverfront to keep an eye at the health of fish within the river he spotted bundles of notes floating at the water beneath Dudheshwar bridge at the east aspect of the city. Verma knowledgeable a watchman within the neighborhood and together they called the police.

Verma informed Mirror, "I was walking down the riverfront in the morning and stopped to look at dead fish in the water when suddenly I saw bundle of notes in the river"

Personnel from Sabarmati Riverfront East police station recovered the banned notes and took it to the station. Speaking concerning the restoration, a police professional said that the notes have now not been counted nevertheless it was a large sum. "We have made a note of the find and begin investigations shortly."

Head Constable Nishar Malek who's investigating the case, said, "We are still waiting for the notes to dry before we begin counting them. There are not even in bundles so that we can estimate and approximate amount because almost all the bundles opened when they were pulled out."

Another professional said, "We are yet to count the money but it is a large amount. We have made a note of the find and investigation will begin shortly."

Regulation over demonetised notes is finished in keeping with Specified Bank Notes (Cessation of Liabilities) Act, 2017, which came into effect on December 31, 2017. Under Section 4 of the Act, nobody except RBI, its businesses or courts can possess greater than 10 notes of any denomination, or possess greater than 25 notes for purposes of study, research or numismatics.

For those in contravention of the legislation, Section 6 states, "Whoever knowingly and wilfully makes any declaration or statement specified under sub-section (1) of section 4, which is false in material particulars, or omits to make a material statement, or makes a statement which he does not believe to be true, shall be punishable with fine which may extend to fifty thousand rupees or five times the amount of the face value of the specified bank notes tendered, whichever is higher."

Gujarat had biggest haul of invalid notes in 2017
The Directorate of Revenue Intelligence (DRI) in Surat had twelve months after demonetization, seized on December 9, 2017, the 'biggest hoard' of demonetized forex in India at the moment, an amount of Rs48.90 crore. Officers of DRI Surat, assisted via CGST Vadodara-II workforce raided the premises of M/s Yamuna Building Material within the business space of GIDC Panoli in Bharuch and seized Rs48,90,96,000 in demonetized notes. It was said to be the biggest haul of the type to have been stuck within the nation since Rs500 and Rs1,000 notes changed into invalid in November 2016.

Petrol pumps in Rajkot had made massive deposits
Analysis of cash deposits knowledge during demonetisation length printed that there were greater than 110 petrol pumps beneath Rajkot charge which had deposited money of Rs190 crore during demonetisation. On an average, it was discovered that one-fifth is the surplus money deposited within the pumps over and above the sales made within the corresponding length.

Demonetisation knowledge was when compared with reasonable monthly sale of remaining yr. The financial institution statements have been also gone via for additional analysis like periodicity and magnitude of cash receipts and payments. Cases, where deviations have been seen beyond 25%, have been decided on for survey, as the federal government had allowed petrol pumps to simply accept SBN notes against sale during demonetisation. The workout ended in detection of discrepancies of greater than Rs10 crore in 9 surveys as of May 2017.