Why are old Rs 500-1000 notes being printed even after demonetisation? 4 arrested with Rs 3.5 crore in Delhi

Despite demonetisation, old Rs 500 and Rs 1000 notes are being printed and sold illegally. Why does this happen? Nine years ago, in 2016, the central government banned old notes and deposited all the notes in circulation with banks. Despite this, large quantities of Rs 500 and Rs 1000 notes were found in Delhi, and the Delhi crime branch busted the racket and arrested four people. Action based on intelligence: Delhi Police crime branch received information about illegal trading of Rs 500 and Rs 1000 notes. Based on the information, a team of crime branch officers was formed to act. The team raided Gate no. 4 of Shalimar Bagh metro station, from where four people were arrested. During the search, a bag full of old Rs 500 and Rs 1000 notes, said to be worth around Rs 3.5 crore, was recovered from the four. A bag full of money and 2 vehicles were seized. The Crime Branch team arrested all four accused and seized a bag full of currency and 2 vehicles. They were taken to the police station, where they were questioned and it was revealed that they had bought the currency at a very low price and were negotiating to sell it at a higher price. The four accused have been identified as Harsh, Tek Chand, Lakshya and Vipin Kumar. The police are now trying to find out from the four accused who they bought the old currency from. Buying and selling old currency notes is a crime. The central government banned 500 and 1000 rupee notes on 8 November 2016. After demonetisation, keeping, depositing or trading in old currency is a legal offence. The buying and selling of defunct currency also deserves punishment, but the accused could not give any valid reason for purchasing defunct currency, nor did they have any correct documents. The police have registered a case under the Cheating, Criminal Conspiracy and Demonetization Act. Share this story Tags