NIA seizes over Rs80 cr of demonetised currency from Kanpur resident: report

The National Investigation Agency (NIA) has seized demonetised Rs1,000 and Rs500 currencies worth over Rs80 crore from Kanpur. The currencies were seized from a residential premises and counting is underway, reports quoting sources said.

The NIA conducted raids on the basis of inputs from the Uttar Pradesh Police and the raids are continuing, reports said, adding that the exact amount of money would be ascertained later.

The inputs suggested that some accused persons were hoarding money with demonetised currency notes of Rs1,000 and Rs 500 worth over Rs80 crore, according to a report in The Times of India.

''We received information of the presence of demonetised currency worth crores at a person's residential premises in Kanpur. A raid was conducted, and RBI and I-T department officials were informed about it. The final amount is not yet ascertained as search and counting are underway. The questioning is on,'' the report quoted Kanpur SSP AK Meena as saying.

In signs that unaccounted or fake currencies have been floating around post demonetisation, currency notes with a face value of Rs1 crore were seized from a vehicle at Uppiliapuram in Tamil Nadu on 14 January and four persons were detained in this connection.

The NIA had also recovered Rs36 crore worth of demonetised currency from nine persons in Delhi in connection with its Jammu and Kashmir terror funding probe two months ago.

With so much of unaccounted money being demonetised, there has been pressure on government and the Reserve Bank of India to open new channels for legalising demonetised currency left with individuals and corporate and other such entities beyond the 31 December 2016 deadline.

The central government's 8 November 2016 move to  ban the use of all then existing Rs500 and Rs1,000 notes had come asa big blow to hoarders and black money holders.