Exchange Old Notes of Rs 500 or 1000 For New? 17 Touts Arrested
The gang was allegedly exchanging banned currency notes of Rs 500 and Rs 1000 with new Rs 2000 notes.
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Though the money confiscated from this gang runs only in lakhs and not crores, police are serious about cracking down on all illegal money changing operations, (Photo altered by The Quint)
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Andhra Pradesh police on Tuesday arrested 17 people including a woman and seized Rs 6 lakh 80 thousand in old as well as new currency. The gang was allegedly exchanging banned currency notes of Rs 500 and Rs 1000 with new Rs 2000 notes and Rs 100 notes at 20-30% commission.
In the wake of PM Modi’s demonetisation drive, as the nation queues up in front of banks and ATMs, looks like some people have found a backdoor to convert their old notes to new.
Video Editor: Mohd Ibrahim
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