On March 23, officials from the City Crime Branch of Bengaluru arrested two men for trying to exchange banned notes in Sheshadripuram police station limits. 


The duo identified as Jemmy Rahul and Ajay were arrested from Joolta Surya Elite Apartments, and the police recovered ₹1.28 crore in banned ₹500 and ₹1000 notes. The duo allegedly was trying to exchange the notes for new valid notes for a huge commission for some realtors; the Deccan Chronicle quoted police as saying.  


Both the men have been booked under Section 7 of the Specified Bank Notes (Cessation of Liabilities) Bill, 2017 that makes holding, receiving, and transferring the banned ₹500 and ₹1000 notes a criminal offence. Further, this Act provides a penalty of ₹10,000 or five times the cash recovered in banned notes if a person is caught with more than ten such notes.