Demonetized notes worth Rs 51.56 lakh seized; 5 held

Demonetised currency notes worth Rs 51.56 lakh were seized from five persons near a city school today, police said.

The currency was seized during a check of vehicles near New Vidyagiri school here, police said.

Old Rs 500 notes worth Rs 10,19,500 and Rs 1,000 notes worth Rs 41,37,000 were recovered from the men, who have been arrested, they said.

A case has been registered against them under Specified Bank Notes (Cessation of Liability) Act 2017, which is being investigated by the local DSP, police said.

The government rendered the old Rs 500 and Rs 1000 notes illegal on November 8, 2016, when Prime Minister Narendra Modi announced demonetization to crackdown on black money and put a lid on counterfeit notes that are usually used to fund terror.