https://www.taxtmi.com/news?id=19151 Authorities seized specified bank notes of Rs. 500 and Rs. 1,000 denomination with an approximate face value of Rs. 48.91 crores at commercial premises following targeted intelligence; criminal complaints are being filed against three persons and investigations continue. The seizure invokes Section 7 of The Specified Bank Notes (Cessation of Liabilities) Act, 2017, which prescribes a penalty for contravention of Section 5 up to a stated monetary cap or five times the face value of the specified bank notes involved, whichever is higher. en-us Mon, 11 Dec 2017 10:08:59 +0530 Mon, 11 Dec 2017 10:08:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=19151 Authorities seized specified bank notes of Rs. 500 and Rs. 1,000 denomination with an approximate face value of Rs. 48.91 crores at commercial premises following targeted intelligence; criminal complaints are being filed against three persons and investigations continue. The seizure invokes Section 7 of The Specified Bank Notes (Cessation of Liabilities) Act, 2017, which prescribes a penalty for contravention of Section 5 up to a stated monetary cap or five times the face value of the specified bank notes involved, whichever is higher. News - Mon, 11 Dec 2017 10:08:59 +0530 https://www.taxtmi.com/news?id=19151