The Chennai police recovered Rs 45 crore in demonetised currency notes from a textile shop in Chennai. The shop in Kodambakkam locality of the city, that incidentally sells police uniforms, had stacked old Rs 500 and Rs 1,000 notes.
The owner of the shop who is currently being questioned claimed that the money belonged to a jeweller in the city. The money that was stashed in the shop was meant to be exchanged. The identity of the jeweller has not been made official by the Chennai police.
Chennai: Demonetized notes worth 45 cr recovered from textile shop in Kodambakkam,owner claims it belonged to a jeweler & was to be changed pic.twitter.com/ptG3RphcWl— ANI (@ANI_news) May 18, 2017
More than six months after demonetisation of Rs 500 and Rs 1,000 notes by the union government, police, revenue department, Income tax department continue to seize demonetised currency notes stashed by many during raids. Most of the demonetised currency notes have been stashed illegally with the hope of getting them exchanged with legal tender.
In March the Chennai police had seized demonetised notes amounting to Rs 1.02 crore and Rs 3.45 crore in two different incidents from people who were attempting to get it exchanged. Multiple cases expose how the black and white business is still thriving after demonetisation and how middlemen are working on a commission basis to exchange demonetised notes with new legal tender.