Cashier Sentenced to 7 Years in Jail for Illegal Exchange of Demonetized Notes

A special court in Bengaluru sentenced a former employee of the erstwhile State Bank of Mysore (now merged with SBI) to seven years in prison on Tuesday for illegally exchanging demonetized banknotes in November 2016. The court also imposed a fine of almost Rs 2.19 crore on B Dinesh, the bank’s then-head cashier, they claimed.

The CBI had filed an FIR against Dinesh for illegally swapping demonetized currency notes of Rs 1,000 and Rs 500 with genuine banknotes totaling over Rs 2.18 crore between November 10th to 23rd, 2016, in contravention of the central government‘s limitations issued on November 8, 2016.

“It was also stated that B Dinesh tampered with the real amounts and figures recorded on the deposit slips supplied by legitimate customers in order to credit the same amount to their respective accounts,” CBI Spokesperson RC Joshi added.

On November 8th, 2016, Prime Minister Narendra Modi announced the demonetization of Rs 1,000 and Rs 500 notes.

The action was accompanied by the rationing of new currency notes supplied by a bank to a person, as well as other accountability measures imposed on those who deposited old notes.