Directorate of Revenue Intelligence (DRI), an Intelligence Agency of Government of India recovered about Rs. 48.91 Crores of demonetized currency in Rs. 500 and Rs. 1,000 demonetized currency notes.
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 Rs. 10,000(Rupees Ten Thousand) or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.
In the instant case, with the demonetized currency detected by DRI to be of the order of about Rs 49 crores, the fine is expected to touch about Rs. 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 3 persons involved.