DRI Strikes Against Black Money

black money

Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, recovers about Rs.50 Crores of Demonetized Currency in Rs. 500 and Rs.1,000 at Gujarath.

Under Section 7 of the newly enacted The Specified Bank Notes Act, 2017, whoever contravenes provisions of Section 5 of the said Act shall be punishable with fine which may extend to Rs. 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.

In the instant case, with the demonetised currency detected by DRI to be of the order of about Rs 49 crores, the fine is expected to touch about Rs. 245 crores. The persons whose name appear in investigations will also be probed. Therefore, the ramifications can be wide and far reaching.