After two years of demonetization, the Gujarat police on Sunday seized the scrapped currency of Rs 3.5 crore in Navsari district of the state. Investigating the matter, the police held accused in the case. Investigation Officer, Shaileshgiri Goswami, said that four accused were held and a car was also seized. The counterfeit amount includes Rs 500 and Rs 100 currency notes.

Prime Minister Narendra Modi had announced the demonetization in November 2016 and claimed that the step would bring black money out and stop corruption. Later, the government issued a new Rs 500 and Rs 2000 notes to exchange old currency. The country had to face a cash crunch after PM’s announcement. Also, people had to remain in serpentine queues outside banks for hours together to exchange the notes. While the opposition parties in the country had opposed the move, with Congress terming it as tax terrorism.

According to reports, around 100 people lost their lives apparently due to the demonetization in the country. Reports said that 28 deaths took place in the country’s most populated state, Uttar Pradesh.

It is to inform that after 21 months of demonetization, the Reserve Bank of India in its report said that 99.3% of banned notes were returned to the bank, only Rs 10,720 crore were not deposited back. Out of Rs 15.30 lakh crore demonetised currency, Rs 15.41 lakh crore was returned to the bank.

After the November 2018 step, the seizure of currency notes was mostly reported from Gujarat. In December 2017 around Rs 50 crore banknotes were seized in Bharuch area of Gujarat. In a similar incident, Rs 3.36 crores were seized in August 2017 in Surat.

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