ED to deposit these new currency notes In Bank Accounts

By : 20-Dec-2016
New Currency Notes,Deposited,Bank Accounts

IT, Enforcement Directorate (ED) and Police have conducted many raids all across India and have seized many new currency notes, of which mostly are Rs. 2000 notes. Valued to be nearly Rs. 100 crore, these new notes will be deposited back into the bank accounts opened by the agency to send back them into the circulation.

A directive has been issued by the ED to deposit these new currency notes, got in seizures, into bank accounts of the agency to bring them back into the circulation. This decision has been taken to meet the cash crunch needs in the banking system.

Earlier on Monday, ED Director Karnal Singh has issued a circular directing all personnel to retain all the new currency notes seized in raids, in strong rooms along with the other seized material.

Today, he announced that, “We have been depositing these currency notes in our bank accounts so that they come into circulation and the general public is not inconvenienced.”

IT department have also received orders from the government to deposit all the new currency notes seized in raids to be deposited into the bank accounts. Until now, all the agencies have kept the seized material in their store rooms and safe houses as evidences, till the cases were adjudicated. Later, according to the judgement, all the seized money was deposited into the Consolidated Fund of India, a senior IT official has said to the media.

In some cases, the judgement took years to be resolved. In all such cases, the seized money was kept in safe lockers, until the issues are resolved, IT official reported.

Since demonetisation, there have been many raids conducted by the agencies and have made huge seizures of money in new currency notes. Just two states, Tamil Nadu and Karnataka have accounted for more than Rs. 60 crore of the total seized money in new currency notes.

Related Articles: 

RBI Says ‘NO’ To Set Up An Independent Payment Regulator

High Value Notes Demonetised, Newly Introduced Notes of INR 500 and INR2,000 Now Attracts Corruption

Still Holding Old Rs. 500 and Rs. 1000 Notes? Here Is What You Can Do With Those Notes

Related Articles