STOCK MARKET BSE NSE

Gangs using NRI window to convert notes   

With only a few days left for Non-resident Indians (NRIs) to exchange scrapped currency notes, police suspect that an elaborate network of touts are still exchanging old notes illegally by misusing th

Published: 25th March 2017 01:13 AM  |   Last Updated: 27th March 2017 09:06 AM   |  A+A-

By Express News Service

BENGALURU: With only a few days left for Non-resident Indians (NRIs) to exchange scrapped currency notes, police suspect that an elaborate network of touts are still exchanging old notes illegally by misusing this special provision of the Reserve Bank of India. 


Two recent cases of old notes being seized in the city  indicate that crooks are using NRIs to illegally exchange the old notes by the March 31 deadline.


Police suspect that the gangs are in touch with NRIs, who are offered attractive commission to exchange the old denomination notes. While rumours are ripe about the possible involvement of Reserve Bank of India personnel in facilitating the exchange, experts feel this is ‘impossible.’


In the past weeks, police have seized a total of `1.78 crore in two separate cases in the city. Speaking to Express, Additional Commissioner of Police (Crime), Ravi S said both the arrests were made based on tip-offs. He said the department is probing the methods the two gangs used to convert old notes.


Sources in CCB said there are multiple gangs involved in exchanging invalid currency notes at 50-75 per cent commission. “We have also asked banks if there is any internal circular from the RBI in this connection - which would allow invalid notes in currency chests to be exchanged,” sources said.


 A Chartered Accountant in the city, under the condition of anonymity, said that there have been several inquiries about people trying to exchange their money through NRIs. 


According to Shivalingaiah K N, Lead Bank Manager, Mysuru, though small amounts could be exchanged with the help of NRIs, “exchanging crores together” is out of the question.

Stay up to date on all the latest Bengaluru news with The New Indian Express App. Download now

flipboard facebook twitter whatsapp