Police seize Rs 97.50 lakh in scrapped notes
An Indian vendor displays wallets made from replica prints of the demonetised 500 and 1000 INR currency notes prints for sale at a stall in Mumbai on November 22, 2016.
India's Prime Minister Narendra Modi announced on November 8 that that 500 and 1,000 rupee ($7.50, $15) bills -- 85 percent of the cash in circulation -- would cease to be legal tender in a crackdown on fraud and tax evasion. The move -- which saw the notes withdrawn from circulation just hours after the announcement -- was initially welcomed, but frustrations have mounted in the largely cash-reliant country where millions have been left without enough to cover their daily needs.
/ AFP PHOTO / INDRANIL MUKHERJEE
Nagpur: The police today seized Rs 97.50 lakh in demonetised currency after raiding a flat in Koradi Road area of the city and took a 44-year-old man into custody.
Assistant Commissioner of Police Somnath Waghchoure said a police team raided the flat at around 5.30 pm and seized the cash in scrapped denominations of Rs 500 and Rs 1,000.
Police suspect the invalid notes were brought for exchanging them with the legal tender by some businessmen.
The man taken into the custody is identified as Prasanna Paradhi.
Further investigation is on, the ACP added.