Are New Currency Notes Reaching Directly To The Individuals From The Mints?

January 11, 2017 Author: Dushyant Goswami

After demonetisation lots of black money was flushed out and banks has received lakhs of crore of rupees deposited post note ban, Meanwhile, people are facing hardships to get the money exchanged after demonetisation as government has announced limitations on exchanging the scrapped money into new currency notes.

On the other side IT department, Police department and CBI have busted crores of Rupees in new currency notes across the country. The common people standing in the line of ATMs, Banks was in confusion that how such amount of new currency notes are reaching to the private companies, individuals and businessman.

The Financial Intelligence Unit has launched a probe into an incident in which it was found that new bank notes were being delivered to some people straight from the printing press. It was found for the very first time since the November 8, 2016 decision on demonetisation, that new currency notes were being delivered straight from the mint to certain people.

Based on a tip-off by the Intelligence Bureau, the Income Tax department officials held a man in Delhi with a bundle of notes in on December 15. It was found during the investigations that Kumar was allegedly a courier who was directed to deliver the notes.

The probe being conducted jointly by the IT department and the IB will now go into the modus operandi of how notes from the mint made its way out and was being delivered to private individuals.

Bundles of notes were packed after being printed at the mints in Nasik, Maharashtra and Salboni, West Bengal and then sent out. The notes are alleged to have exchanged many hands before they reached Kumar, investigations have found. ‘There appears to have been some relaxation of protocol,’ an IB official informed OneIndia.

‘Yes there is an investigation on to find out how these notes reached a private person when they should have reached a bank or an ATM. The two mints have printed 52 million notes since November 8, and some part of it have not reached the banks,’ the officer noted.

The IB and the IT departments would look at the larger picture and check if there has been an involvement on the part of the banks as well. There is already an ongoing probe to find out if some banks had diverted money to select individuals.