During the search, incriminating materials were recovered. A cash of approximately Rs 70.10 Lakh (in the denomination of Rs 2000) was also recovered from a bank locker at Ludhiana.
Under the waste-to-wealth concept by Prime Minister Narendra Modi, the Coimbatore Smart City Mission has taken the initiative of cleaning the waste accumulated over decades.
Rs 2000 denomination banknotes were introduced to expeditiously meet the currency requirement of the economy after Demonetisation and are close to the end of their useful life, the Minister of State for Finance, Pankaj Chaudhary said in a written reply to the Rajya Sabha on Tuesday.
On May 19, the RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it would continue to remain as legal tender. However, RBI has advised banks to stop issuing such banknotes with immediate effect.
A bench of Chief Justice of India DY Chandrachud and Justice PS Narasimha dismissed the plea filed by advocate Ashwini Upadhyay citing it as an "area of executive domain".
The police said that after the Reserve Bank of India (RBI)'s decision on withdrawing Rs 2000 notes from circulation, the Naxalites were constantly trying to exchange the currency notes that they allegedly collected through extortion.
About 76 per cent of the Rs 2000 banknotes have returned to the banking system since the Reserve Bank of India (RBI) in May decided to withdraw the high-value note from circulation.
The Division bench of Justice Satish Chander Sharma and Justice Subramonium Prasad decided to dismiss the petitions. The RBI has opposed the plea, stating that Rs 2000 notes continue to be legal tender.
The Basaguda LOS Commander of Naxal and RPC President gave cash for depositing in different bank accounts. About Rs 1.20 lakh has been deposited till now.
SBI Research in a report analysed and argued how the withdrawal of Rs 2000 banknotes could boost bank deposits, repayment of loans, consumption, RBI's retail digital currency usage, and overall economic growth.