<![CDATA[A year after two high-denomination notes were declared invalid by Prime Minister Narendra Modi, the police in the city continue to watch for attempts to exchange a large sum of demonetized currency. The Data provided from Hyderabad, Cyberabad and Rachakonda Police Commissionaires covering the outskirts of the city, indicates that the police have prevented 35 attempts to exchange old currency for the new in the past year. The demonetized currencies which were seized was amounting to Rs.31.9 crore. A bulk of the attempts were prevented within the heart of the city. The Prime Minister announced demonetization of Rs.500 and Rs.1,000 notes, which was widely deemed as an attempt to stop hoarding unaccounted wealth. The police continued to receive confidential information in connection with the attempts to exchange currency, for a cost. Those arrested in most cases were agents and sub-agents, hinting that several networks of touts and middlemen continue to work for those wanting to avoid scrutiny. In the most recent case reported a week ago, the Task Force caught one person at Punjagutta possessing demonetised currency amounting to ₹90 lakh. They said the man attempted to exchange currency for a real estate agent. The police also told that the quantity of currency in the possession of touts being caught has decreased over the year. “It seems old currency in illegal possession is drying out. But we continue to keep a watch, particularly at Punjagutta and S.R. Nagar,” the police official told. Besides attracting the provisions of Indian Penal Code, many attempting to exchange currency were also arrested under the Cessation of Liabilities of Act, which came into force in March. The Act rules that the possession of more than ten scrapped notes is an offense.]]>
