Task force arrested for exchanging old currency

Hyderabad, April 23: The task Force Police have arrested 4 persons, who were tried to exchange demonetized money worth of Rs.42.7 lakhs at Begumpet on Saturday.

The accused were planning to convert the demonetised notes, which were in the denomination of Rs.1,000 and Rs.500, to new currency notes.

The four accused have been booked under section (7) of the Specified Bank Notes (Cessation of Liabilities) Act of 2017.

Under the Act, possession of more than 10 pieces of the old notes by individuals and over 25 pieces for study, research purpose would be a criminal offense, the fine of Rs.10,000 or five times the cash held, whichever is higher.

According to police, the four K. Srinivas, A.Narsimha Varma, G Prashanth and Md Naseeruddin were waiting to exchange the demonetised currency to new bills, with the aide of some agents, on Road No.3, Indian Air Lines Colony, Begumpet on Saturday morning.