BackDemonetised notes seized in searches should be invested in FDs: MP High Court
Indore bench said that undisputed amount in old notes should be invested in nationalised banks as fixed deposit (FD) before 30 December
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Indore: Demonetised currency notes of Rs1,000 and Rs500 denomination seized in corruption cases and other criminal matters and which is accounted for should be invested in fixed deposits with nationalised banks by 30 December, the Madhya Pradesh High Court has ruled.
The Indore bench of the court comprising Justice S C Sharma and Justice Rajiv Kumar Dubey gave an order in this regard on 19 December, while hearing a petition filed by one Indrajeet Singh (58), a former Development Officer with United India Insurance Company.
The bench said that undisputed amount in old notes should be invested in nationalised banks as fixed deposit (FD) before 30 December. The Bench has also directed the court registrar to inform all the judicial officers about this order.
In his interim petition, Singh contended that CBI had seized an amount of Rs4,61,522 in the denomination of Rs500 and Rs1000 respectively on 11 November 2002 and 21 March 2003 during searches at his residence.
He urged that this amount should be deposited as FD in nationalised banks, otherwise the seized currency notes would no longer be legal tenders following demonetisation exercise.
Singh was convicted by the CBI court in Indore on 31 May 2013 under Prevention of Corruption Act for income disproportionate to known sources of income. Later, Singh moved High Court challenging the decision of the CBI court.
The petition is still pending before the High Court.
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