MP: Two nabbed with counterfeit notes worth Rs. 1, 08,000
Gwalior (Madhya Pradesh) [India], May 29 (ANI): Two persons in possession of fake currency notes worth Rs. 1, 08, 000 were arrested here on Monday.
The aggregate amount comprised a combination of duplicate currency notes of Rs. 2, 000 and Rs. 500 which have been in circulation post Prime Minister Narendra Modi's demonetisation drive on November 8 last year.
To this regard, a ban was imposed on the circulation of Rs. 500 and 1000 notes, with subsequent circulation of Rs. 2000 notes and new notes of Rs. 500, which were printed to balance the flow of cash.
The citizens were allowed to exchange their notes until December 31, 2016, following which the ban would be imposed.
However, in case of NRIs living abroad, the Reserve Bank of India (RBI) revealed that they would be given time till June 30, 2017 to exchange notes up to Rs. 25,000. Anybody possessing money more than the aforementioned limit would be deemed as an offender.
Under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, which was passed in March 2017, it is illegal for Indian citizens to hold more than ten notes of the invalid currency after March 31, 2017. (ANI)