4.8 crore notes seized after 4 years of demonetization, accused told this story to the police

The police on Monday seized 4.8 crores from the Kalyarcoil area of ​​Sivaganga district in Tamil Nadu in the notes taken out during the ban. According to police, the currency notes, allegedly taken out of circulation, were seized from the house of physiotherapist Arul Chinnappan. The police laid siege on the basis of secret information. He said that the seized notes were of 1000 rupees. A case has been registered against the accused and further investigation is going on.

According to the Times of India report, the police say that they had received these notes from S. Varalakshmi, who ran an old age home in Chengalpattu. Both have been taken into custody. Varalakshmi told the police that she had received these notes from people and NGOs to construct a building. He told the police that Arul had said that it would help him in exchanging these notes.

The Reserve Bank of India, in its annual report for 2016-17, said that about 99 percent of the old 500 and 1000 rupee notes which were taken out of circulation after demonetization, have returned to the banking system. 15.28 lakh crores out of 15.44 lakh crores in the notes taken out of circulation, which was about 99 percent of the total estimated figures.

According to RBI, 16,000 crore rupees were not returned to the banking system. According to the Reserve Bank, about 8.9 crore notes of 1000 rupees were not returned to the banking system.