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Allow exchange of demonetised notes, HC tells I-T department

Allow exchange of demonetised notes, HC tells I-T department
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The Calcutta High Court on Thursday gave an order allowing the exchange of demonetised notes that were seized by the Income Tax department.

The I-T department had seized notes worth Rs 2.5 crore from the house of a city businessman.

A case in this connection had been initiated in a lower court. Before the lower court gave its verdict, the businessman had moved High Court pleading permission to exchange the demonetised notes that were seized from his house and at present, are lying with the I-T department.

On Thursday, the court ordered the exchange of the demonetised notes.

It may be mentioned that the petitioner had pleaded that the verdict, stating whether the seized money was unaccounted for, is yet to be out. Thus, the demonetised currency that has been seized will be of no use if it is not exchanged when the verdict will be given.

Different investigating agencies across the country had seized demonetised notes following the Centre's decision to ban Rs 500 and Rs 1,000 notes and they were clueless in taking a decision as to what has to be done with the seized demonetised notes which were lying with them.
According to legal experts, Thursday's order of the High Court may give a way out to the agencies.

It may be mentioned that on March 10, Alipore Court had issued directives to the Chief Judicial Magistrate to keep a watch over the exchange of demonetised notes worth Rs 5 lakh that the Criminal Investigation Department (CID) had seized from the accused in Khadim owner Partha Roy Burman's abduction case.
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