Hyderabad Police detains five people with Rs 95 lakh in new currency

Hyderabad Police has confirmed the detention of five people, including a lady with a total cash of Rs 95,18,000 in new currency of Rs 2000 and Rs 100 denomination.

Prime Minister Narendra Modi-led government announced demonetization on November 8, banning high-value notes of Rs 500 and 1000. After the ban, new currency notes of Rs 2000 and 500 denominations were introduced in the monetary system.

However, the move was announced suddenly and due to the lack of proper implementation, the common man is experiencing a disrupted life. The Centre is of the opinion that this move would curb black money and corruption.

However, many cases of people being detained with large amount of cash in new currency notes have come to light since this announcement. Recently, Rs 70 lakh cash in new currency notes was ceased from Maharashtra.

Shaktikanta Das, Economic Affairs Secretary said that the ones involved in money laundering won't be spared.