Armed Men Leave Kashmir Bank With Rs. 11 lakhs In Old Notes


Jammu: Four masked and armed men burst into a bank in Kashmir on Monday and left with Rs. 13 lakhs, comprising largely of the outlawed 500- and 1,000-rupee notes.

The robbery took place at a branch of the state-run Jammu and Kashmir branch in Malpora, 100 km from Srinagar.

Rs. 11 of the 13 lakhs that were looted consisted of the banned notes, said police sources who believe terrorists are responsible for the heist in the small village. It’s not clear yet if security cameras at the bank were working. 12 people were present when the robbery took place, nobody was injured.

When he announced the ban on 500- and 1,000-rupee notes on November 8, Prime Minister Narendra Modi said that he was targeting tax evasion, corruption and forgery.  He stressed that terror attacks including those facilitated by Pakistan often include counterfeit 500-rupee notes.

Since then, nearly 80 billion dollars of the old notes have been deposited in banks. The new currency of  Rs. 500 and Rs. 2,000 notes have been hard to access, with winding lines at banks and ATMs out of service while they are being reconfigured to handle the new bills.