Cops seize Rs 2 crore in demonetised notes

Hyderabad: Police in Hyderabad have seized a huge amount of demonetised currency, revealing that old notes continue to surface years after they were banned. Task Force teams apprehended two people near Canara Bank in Narayanguda and two more near the Water Works Office. Upon inspection, police discovered three bags filled with old Rs 500 and Rs 1,000 notes with a face value of approximately Rs 2 crore.

The accused were handed over to Narayanguda Police Station, and an investigation is underway to determine the origin and intended use of the notes. The seizure is a reminder of the continued illegal circulation of demonetised notes, which have no legal value.

The Indian government announced the demonetisation of Rs 500 and Rs 1,000 notes in November 2016 to curb black money, fake currency, and terror funding. In their place, the Reserve Bank of India issued new Rs 500 and Rs 2,000 notes, though the latter was later withdrawn from circulation in May 2023.

Despite these measures, demonetised notes still reappear, as some people attempt to illegally hoard or exchange them. Police have stated that they will continue to conduct strict checks to prevent these banned notes from being circulated.