Hyderabad: Demonetised currency worth Rs 3 crore seized by police

Hyderabad: The Saifabad police on Tuesday have arrested 10 people and seized Rs 3 crores of demonetized currency.

According to the police, Rs 3.5 crore currency in Rs 500 and Rs 1000 denominations was seized from the gang.

The kingpin of the racket Fazuluddin along with nine of his associates, was among the accused who were arrested. The mediators were identified as Sai Krishna and Govindulu.

The deadline for exchange of demonetised notes with new currency ends on March 31 under specific conditions. According to the Specified Bank Notes Cessation of Liabilities Ordinance, only those who were abroad, the armed forces personnel posted in remote areas or others who can give valid reasons for not being able to deposit the cancelled notes at banks, can deposit the demonetised currency notes of Rs 500 and Rs 1,000 currency notes till March 31.

OneIndia News