HYDERABAD -- Hyderabad Police has confirmed the detention of five people, including a lady with a total cash of ₹95 lakh 18 thousand in new currency of ₹2000 and ₹100 denomination.
Prime Minister Narendra Modi-led government announced demonetisation on 8 November, banning high-value notes of ₹500 and 1000. After the ban, new currency notes of ₹2000 and 500 denominations were introduced in the monetary system.
However, the move was announced suddenly and due to the lack of proper implementation, the common man is experiencing a disrupted life.
The Centre is of the opinion that this move would curb black money and corruption. However, many cases of people being detained with large amount of cash in new currency notes have come to light since this announcement.
Recently, ₹70 lakh cash in new currency notes was ceased from Maharashtra.
Shaktikanta Das, Economic Affairs Secretary said that the ones involved in money laundering won't be spared.
Also on HuffPost India.