DRI Strikes Against Black Money - Recovers about 50 Crores of Demonetized Currency

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....RI Strikes Against Black Money - Recovers about 50 Crores of Demonetized Currency <br>News and Press Release<br>Dated:- 11-12-2017<br><BR>Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about &#8377; 48.91 crores of demonetised currency in &#8377; 500 and &#....

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....8377; 1,000 denomination currency notes. Acting on the specific intelligence, the officers of DRI, Surat, assisted by the officers of CGST Vadodara-II raided a premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch and recovered Specified Bank Notes (demonetized &#8377; 1,000 and &#8377; 500 currency notes) of face value of &#8377; 48,90,96,000/-(Forty Eight Crore Ninety Lacs and Ninety S....

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....ix Thousand) on 8th / 9th December, 2017. Under Section 7 of the newly enacted The Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever contravenes provisions of Section 5 of the said Act shall be punishable with fine which may extend to &#8377; 10,000(Rupees Ten Thousand) or five times the amount of the face value of the specified bank notes involved in the contravention, whichever....

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.... is higher. In the instant case, with the demonetised currency detected by DRI to be of the order of about &#8377; 49 crores, the fine is expected to touch about &#8377; 245 crores. The persons whose name appear in investigations will also be probed. Therefore, the ramifications can be wide and far reaching. DRI is filing a complaint in the Court against the three (3) persons involved. The vari....

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....ous details are with DRI now and are a matter of investigation. Click here to view Image<BR> News - Press release - PIB....