Demonetised notes worth £4.5 mn seized in Chennai

CHENNAI: Chennai Police conducted a raid at textile store MV Ramalingam & Co, last week, and seized currency notes worth £4.5 million, six months after the demonetisation of Rs 1,000 and 500 notes. Sources said shop owner Dhandapani, on interrogation, revealed that the notes belonged to a jewellery shop owner who had asked him a favour to hold on to the money, until it could be legally exchanged. The Cabinet had cleared an ordinance to penalise those holding demonetised notes on December 28, last year, effective after March 31. Dhandapani is currently under investigation.