Police today seized nearly Rs 1 crore in scrapped notes from two persons, who were later arrested.
TheCity Task Force (CTF) found Rs 99.95 lakh in old notes in Rs 500 and Rs 1,000 denominations in possession of the duo, Dadi Srinivas Naidu (35) and Lakka Rajaramana (40), Assistant Commissioner of Police Force I Chittibabu said.
Acting on specific inputs, a team of CTF intercepted the two, who were travelling in a car, in MVP Colony area, he said.
Naidu and Rajaramana had got the junked currency notes from their native East Godavari district and were trying to get them exchanged for new bills through some NRI accounts from the RBI office in Chennai for a commission, the police said.
The note exchange window for NRIs will close on June 30.
The duo was later placed under arrest and handed over to MVP Police for further investigation, they said.
According toChittibabu, the seized currency consisted of 3,798 notes of Rs 1,000 value and 12,394 of old Rs 500 bill.
The duo was booked under the Specified Bank Notes (Cessation of Liabilities) Act, 2017, the police added.
The law makes the holding of more than 10 scrapped notes a criminal offence, attracting a fine of Rs 10,000 or five times the cash held, whichever is higher.
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