J&K : NIA clears nine, including three Kashmiris, caught with Rs 36 cr demonised notes

They had collected the money with the intention of exchanging it, officials in the probe agency said.

Section 5 of the Act bars any person from knowingly or voluntarily, holding, transferring or receiving any specified bank note after the expiry of grace period.

Any one found guilty is punishable under section 7 with fine that may extend to Rs 10,000 or five times the amount of the face value of the specified bank notes involved in the contravention, whichever is higher.


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