NAVSARI: On Sunday, Police seized Rs 3.5 crore worth banned currency from a village in the state. Four people have been arrested in regards to the case.
On November 8, 2016 Prime Minister of India, Narendra Modi declared the notes of Rs 1000 and Rs 500 as illegal tender with an aim to curb black money.
Shaileshgiri Goswamy, Investigating officer, local crime branch, was quoting by ANI as saying “We have arrested four people. An accent car and Rs. 3.5 crore in demonetised currency has been seized from them.”
Reportedly, 13,432 notes of old 1,000 rupees and 43,300 notes of old 500 rupees were seized by the police.
The implementation of demonetisation received mixed reviews from the people across industries. In a research paper co-authored by her, leading economist Gita Gopinath said that the Indian government’s decision of demonetisation affected the country’s economic growth by at least 2% points in the Q4(October-December) of 2016.
The paper titled, Cash And The Economy: Evidence From India’s Demonetisation later talks about the severe implications the note-ban exercise had to the Indian economy through lower credit growth and a decrement in the economic activity.