Published On: Tue, Dec 20th, 2016

Seized new currency nearly Rs 100 crore to be back in circulation

New Delhi: The income tax department has seized crores of Rupees till date ever since the government has announced its decision to demonetise Rs 500/Rs1000 notes.

The ED has now issued a directive to zonal units to deposit the new currency notes estimated to be around 100 crores seized over a period of one and half month. The currency will be deposited into bank accounts opened by the agency in various cities so that new notes can be immediately brought into circulation.

ED director Karnal Singh said on Monday that he had earlier issued a circular directing that seized currency notes be retained in strong rooms along with other seized material. “We have been depositing these currency notes in our bank accounts so that they come into circulation and the general public is not inconvenienced,” he said.