Rs 18 Lakh Old Currency Seized In Haryana Hotel 9 Years After Demonetisation
Police officials said they had received a tip-off that some people were trying to convert old notes into new currency illegally.
Published : May 15, 2025 at 1:54 PM IST
|Updated : May 15, 2025 at 3:49 PM IST
Sonipat: Nine years after the central government announced demonetisation, withdrawing the legal tender status of the Rs 500 and Rs 1,000, police in Haryana's Sonipat seized old currency worth nearly Rs 18 lakh on Wednesday.
Bundles of Rs 500 and Rs 1000 demonetised notes worth Rs 17.97 lakh were seized from a hotel on Rathdhana Road here. Sonipat Police arrested two accused identified as Suresh, a resident of Nai Basti, New Delhi and Pradeep, a resident of Pawla village in Baghpat district of Uttar Pradesh.
Police officials said they had received a tip-off that some people were trying to convert old notes into new currency illegally. "Based on this information, the police raided the hotel located on Rathdhana Road. During the search, we recovered a large number of old notes. During interrogation, the accused said that they were planning to convert these notes into new currency through bank employees or an NRI," officials said.
Inspector Subhash Chandra of Sadar Police Station said the action was taken to prevent the misuse of old currency after demonetisation. "Legal action has been initiated against the accused, and the case is under thorough investigation. The police are trying to find out where these notes came from and how many people were involved in the plan to exchange them," the officer said.
About Demonetisation and Currency Exchange
On 8 November 2016, the BJP government announced the demonetisation of all Rs 500 and Rs 1,000 banknotes of the Mahatma Gandhi Series. It also announced the issuance of new Rs 500 and Rs 2,000 banknotes in exchange for the demonetised banknotes.
According to a government release in August 2017, demonetisation was an important part of a concerted drive against black money. "Among the main objectives of Demonetisation was the flushing out of black money and also conversion of the non-formal economy into a formal economy to expand the tax base," the government said.
The government had assured the people that demonetised currency notes could be exchanged at banks, post offices and RBI branches till December 30, 2016.
If people were unable to deposit them by that day, they could do so till March 31, 2017, at RBI branches after complying with certain formalities. However, the Ordinance issued on December 30, 2016 had specified that only those who were abroad or armed forces personnel posted in remote areas or others who could give valid reasons for not being able to deposit the cancelled notes at banks, could deposit the demonetised currency notes of Rs 500 and Rs 1,000 till March 31.
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