Four arrested with Rs 16 invalid currency notes

Summary: The sleuths had received a tip-off that two residents of Vadodara are carrying a bag with the demonetised currency notes in their two-wheeler to get it exchanged with new notes by giving commission to some agents in Anand.
VADODARA/ANAND: Four persons including two residents of Vadodara were arrested by Anand special operations group (SOG) for possessing demonetised currency notes of the face value of Rs 16 lakh and attempting to exchange them for new notes.Acting on a tip-off, the SOG sleuths had kept a watch at Borsad chowkdi on Tuesday night.
“During the watch, we noticed that two persons on their two-wheeler kept a bag inside a car which had reached Borsad chowkdi.
When we searched the bag, we recovered 11 bundles of the demonetised Rs 1,000 currency notes of the face value of Rs 11 lakh and ten bundles of Rs 500 old currency notes of the face value of Rs 5 lakh,” said a police official.According to the police, Ujal Contractor, a resident of Sardar Bhavan lane of Vadodara’s Raopura area and Ajay Patel, a resident of Gorwa area of Vadodara who were on the two-wheeler wanted to exchange the old currency notes by paying a commission of 15% to Vinesh alias Tikko Patel, a resident of Keriyavi village of Nadiad taluka and Kumudchandra Patel , a resident of Vallabh Vidyanagar town.The police have seized the scraped currency notes, the two-wheeler and the car which was being used by the accused.All the four accused have been arrested under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which entails a six-month imprisonment and have been handed over to income tax department.After the central government banned old Rs 500 and Rs 1,000 currency notes on November 8, last year, parliament had enacted the Specified Bank Notes Act to eliminate a parallel economy of demonetised notes.

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