Police Seizes Rs. 4 Crore-Worth old Rs. 1,000 notes from Maharashtra Trader

According to Finance Ministry of India, the government has unearthed undisclosed income of Rs 21,000 crore in the past two years

Police Seizes Rs. 4 Crore-Worth old Rs. 1,000 notes from Maharashtra Trader

Police have reportedly seized unaccounted scrapped Rs. 1,000 denomination notes worth 4 crore from a Maharashtra-based trader.

Occurred last night, the seizure was made at a checkpost in Burhanpur district in Madhya Pradesh, media reports said.

Burhanpur Superintendent of Police Anil Singh Kushwaha was quoted by PTI as saying: "We seized the currency from Shabbir Hussain, a trader based in Malkapur in Buldhana district of Maharashtra, during a screening at the checkpost. The entire cash stock was in the scrapped Rs. 1,000 notes.”

"It is possible that in view of the demonetisation of the high denomination currency notes, the trader might have been taking the cash for donating it to a community trust in Burhanpur town," he added.

Officials earlier said the information has been passed to Income Tax officials and they are carrying out further probe into it.

The Finance Ministry of India earlier said the government has unearthed tax evasion of around Rs 50,000 crore of indirect taxes and undisclosed income of Rs 21,000 crore through a series of measures in the past two years.

Announcing the decision to demonetide the banknotes of RS 1000 and Rs 500 on November 8, Prime Minister Narendra Modi claimed that the move will curb black money in the country.

However, Congress Leader and Former Union Finance Minister P. Chidambaram on Saturday  said the Central government’s move will not help to curb back money, but will affect common people of the county.

Criticising government’s step second time this week, Chidambaram said facing difficulties since most of the notes in circulation were of Rs 500 and Rs 1,000 denominations.