"Acting on specific intelligence, the officers of DRI, Surat, assisted by officers of CGST at Vadodara raided the premises of M/s Yamuna Building Material at GIDC Panoli in Bharuch and recovered demonetised currency notes of Rs 1000 and Rs 500 of face value of Rs 48.91 crore," the DRI said in a release.
The company faces a fine of Rs 245 crore as per the newly-enacted Specified Bank Notes (Cessation of Liabilities) Act, 2017, the release said.
Section 7 of the Act lays down that whoever contravenes the provisions of section 5 of the Act shall be punishable with fine which may extend to ten thousand rupees or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.
"In this case, with the demonetised currency detected by the DRI being in the order of about Rs 49 crore, the fine is expected to touch about Rs 245 crore," it said.
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