After two years of demonetization, 3.5 crores demonetized currency seized in Gujrat

Feb 11 2019 12:58 PM
After two years of demonetization, 3.5 crores demonetized currency seized in Gujrat

Police on Sunday seized Rs 3.5 crore in demonetised currency from a village in Bilimora. Four people have been arrested in this regard. This comes over two years after Demonetisation. Prime Minister Narendra Modi-led government with an aim to curb the menace of corruption on November 8, 2016 had banned Rs 1000 and Rs 500 notes.

Shaileshgiri Goswamy, Investigating officer of the local crime branch said, "We have arrested four people. An accent car and Rs 3.5 crore in demonetised currency has been seized from them." The police informed that the seizure includes 13432 notes of old 1000 thousand rupees and 43300 notes of old 500 hundred rupees. Here further investigation is underway.

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Earlier, Narendra Modi may have shocked the nation with his Nov. 8 announcement, but the prime minister’s move was hardly unprecedented. India has pulled select denominations of its currency twice before. The first was when Rs1,000, Rs5,000, and Rs10,000 notes were taken out of circulation in January 1946, a year and a half before the country won independence from the British. The Rs10,000 notes were the largest currency denomination ever printed by the Reserve Bank of India, introduced for the first time in 1938. All three notes were reintroduced in 1954.

History of demonetization reveals that  in 1977, the Janata Party coalition government came into power. A year into the government’s term, party leader Morarji Desai was more bullish about cracking down on counterfeits and black money. The High Denomination Bank Notes (Demonetisation) Act, instated by the ruling party on Jan. 16, 1978, deemed the Rs1,000, Rs5,000 and Rs10,000 notes illegal for the second time.

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