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Rs 1 crore in demonetised notes seized in Thane; 3 arrested

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 The move -- which saw the notes withdrawn from circulation just hours after the announcement -- was initially welcomed, but frustrations have mounted in the largely cash-reliant country where millions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

Thane: Police have seized nearly Rs 1 crore in demonetised currency notes from three persons, who were later arrested.

Acting on a tip-off, police intercepted a car at Parsik circle in Mumbra township of Thane district at around midnight on Tuesday.

They found Rs 1 crore in old notes in Rs 500 and Rs 1,000 denominations in the possession of three persons, including a woman employee of a private bank, an official release issued by Thane police said today.

The three persons was planning to get the notes exchanged for new bills. They were later arrested and a case was registered against them under relevant sections, Thane police PRO Sukhada Narkar said.

Police are trying to find out from where did the accused get the junked notes, Narkar said.

—PTI