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TMI BlogDRI Strikes Against Black Money - Recovers about ₹ 50 Crores of Demonetized CurrencyX X X X Extracts X X X X X X X X Extracts X X X X ..... DRI Strikes Against Black Money - Recovers about ₹ 50 Crores of Demonetized Currency - News and Press Release Dated:- 11-12-2017 - News - Sleuths of the Directorate of Revenue Intelligence (DRI), a pioneer Intelligence Agency of the Government of India, zeroed in on an office premises at Bharuch in Gujarat State and recovered about ₹ 48.91 crores of demonetised currency in ₹ 50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 and ₹ 1,000 denomination currency notes. Acting on the specific intelligence, the officers of DRI, Surat, assisted by the officers of CGST Vadodara-II raided a premises of M/s Yamuna Building Material, GIDC Panoli, Bharuch and recovered Specified Bank Notes (demonetized ₹ 1,000 and ₹ 500 currency notes) of face value of ₹ 48,90,96,000/-(Forty Eight Crore Ninety Lacs a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd Ninety Six Thousand) on 8th / 9th December, 2017. Under Section 7 of the newly enacted The Specified Bank Notes (Cessation of Liabilities) Act, 2017, whoever contravenes provisions of Section 5 of the said Act shall be punishable with fine which may extend to ₹ 10,000(Rupees Ten Thousand) or five times the amount of the face value of the specified bank notes involved in the contraventi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on, whichever is higher. In the instant case, with the demonetised currency detected by DRI to be of the order of about ₹ 49 crores, the fine is expected to touch about ₹ 245 crores. The persons whose name appear in investigations will also be probed. Therefore, the ramifications can be wide and far reaching. DRI is filing a complaint in the Court against the three (3) persons in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... volved. The various details are with DRI now and are a matter of investigation. Click here to view Image - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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