Rs a hundred crore seized in new notes to be returned in move

NEW DELHI: What takes place to new currency notes well worth close to Rs 100 crore which have been seized considering the fact that demonetisation+, frequently in ways of Rs 2000, by agencies inclusive of ED, the earnings tax department, and police?

The ED has issued a directive to zonal gadgets to deposit new currency notes in conjunction with all other currency seizures into financial institution bills opened by means of the company in special towns in order that new notes are right away delivered into the move.
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ED director Karnal Singh said on Monday that he had earlier issued around directing that seized currency notes be retained in study rooms alongside other seized material. “We had been depositing those currency notes in our financial institution debts so that they come into the stream and most people is not inconvenienced,” he said.

The government has also requested the I-T branch to deposit seized forex notes in banks. earlier, companies kept all seized cloth, including cash seizures, of their strong rooms as proof till the case turned into adjudicated. The seized cash became then deposited into the Consolidated Fund of India, stated a senior I-T legit. Every so often I-T cases take years to solve, until then all seized cloth changed into saved in safe lockers of the tax branch, the officer stated The Haze.

The ED on Monday seized Rs forty-seven lakh in new notes of Rs 2,000 from the owner of an educational group in Punjab. The business enterprise is verifying his claims that the money becomes deposited through students as costs. In Kolkata, the I-T department seized Rs 21 lakh in new foreign money notes. In different operations since Sunday, police in Thane and Nashik seized approximately Rs 50 lakh in new notes of Rs 2,000 every.