Kanpur: Arrested Dealer Anand Khatri May be Fined Rs 483 Crore For Rs 97 Crore Demonetised Notes

Kanpur, January 19: Anand Khatri, the local businessman, may have to pay Rs 483 crore as a fine after demonetised notes worth Rs 96.62 crore were seized from his residence in Kanpur's Swaroop Nagar lo

Written by: India.com News Desk

Updated: January 19, 2018, 10:21 AM IST

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Kanpur, January 19: Anand Khatri, the local businessman, may have to pay Rs 483 crore as a fine after demonetised notes worth Rs 96.62 crore were seized from his residence in Kanpur’s Swaroop Nagar locality on Tuesday night.

The Uttar Pradesh Police has registered a case against Khatri under sections of the Indian Penal Code and the Specified Bank Notes (Cessation of Liabilities) Act, 2017, for keeping demonetised notes over the permitted limit in his possession. “Keeping the demonetised notes is punishable by a fine, which may extend to five times the amount recovered,” said Vivek Khanna, former chairman, Central India Regional Council of Chartered Accountants. And in Khatri’s case, this would amount to nearly Rs 483.1 crore if the police choose to enforce the penal provisions and he is found guilty, the Hindustan Times reported.

According to a law passed by Parliament in early 2017, possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics is a criminal offence, attracting a fine of Rs 10,000 or five times the cash held, whichever is higher.

IG Kanpur Zone Alok Singh said the police are looking into it.

An income tax department official said it will help the police in building a foolproof case against Khatri and others. As the case against Khatri and others have been filed under sections of the IPC and SBN Act, the police would have to initiate the proceedings for the recovery of the fine, the official said

On questioning, Khatri revealed that only a part of the seized Rs 96.62 crore was his and the rest belonged to others. “The people he names will be questioned about their shares. Let us see, if they admit. If they do not, Khatri will have to pay the fine,” said the I-T official.

The I-T department officials raided premises owned by Khatri and his family. Documents of 40 properties and Rs 3 lakh cash was found in one of the offices.