2 held with Rs 3 lakh demonetized notes
TNN Bureau. Updated: 7/22/2017 1:04:58 AM
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Srinagar: Police Station Maharaj Gunj in Srinagar today arrested two persons with more than Rs 3 lac of demonetized currency notes. "Two persons were held during a naka at Babadem who were carrying the demonetized currency notes having face value of Rs 3 lakh," a police official said. Police identified the accused as Javaid Ahmad Shah of Pampore and Suhail Ahmad Bhat of Sangrama Sopore.
They were subsequently produced before the Court of Chief Judicial Magistrate Srinagar and a complaint was filed against them under section 5/7 of the Specified Bank Notes (Cessation of Liabilities) Act 2017.
Worthwhile to mention that the offence carries a punishment of Rs 10 thousand or five times the face value of the money recovered, whichever is applicable.