Militants loot Rs 12.45 lakh from bank in old currency, suffers embarrassment


Srinagar: Men wearing a mask and carrying arms burst into a bank Chrar-e-Sharief area of central Kashmir’s Budgam district, to rob and left the bank with Rs. 12.45 lakhs , comprising largely of the scrapped and now invalid 500 and 1,000-rupee notes. The men four in number are suspected to be militants who looted the bank at gunpoint.

A branch situated at Malpora, 100 km from Srinagar, of the state-run Jammu and Kashmir bank witnessed the robbery.

From the total; amounted of Rs. 12.45 lakh that was looted from the bank, around Rs. 11 consisted of the banned and now invalid, old currency notes, said police sources who believe terrorists are responsible for the heist in the small village. The working of the security cameras at the bank is yet to be detected by the police. Out of 12 people who were present at the bank when the robbery took place, nobody was injured.

Prime Minister Narendra Modi while announcing the ban on 500- and 1,000-rupee notes and declaring them invalid on November 8, said that his demonetization decision is mainly aimed at tax evasion, corruption and forgery.  He moreover stressed out that the terror attacks including those facilitated by Pakistan often include counterfeit 500-rupee notes.

Since PM Modi announced the ban on 500 and 1000 rupee currency notes, nearly 80 billion dollars of the old notes have been deposited in banks.

With winding lines at banks and ATMs out of service the new currency of  Rs. 500 and Rs. 2,000 notes have been hard to, while they are being reconfigured to handle the new bills.