The old notes are still on their way out, but many people are still trying to circulate fakes in the hope of getting rid of them before they are completely phased out. The Mumbai crime branch property cell on Wednesday arrested a person who was about to dump his fake old denominations in Mumbai as petrol pumps and chemist shops continue to accept them for the time being.

The man has been identified as G Vyankateshwar Rao, who resides at the Dadar GRP railway quarters with his wife, posted at the GRP. Rao had been running his racket from there for over a year-and-a-half.

Acting on a tip-off, the property cell reached the spot and arrested him from the railway police quarters’ gate.

Police says
“We seized Rs 79,000 in old denominations from him, which includes 23 notes in the Rs 1,000 denomination and 112 notes of the Rs 500 denomination. We arrested the accused, but his wife was not aware about his work. Rao is also a farmer in Pune,” said an officer.

The officer added, “A few months ago, at the Wadala truck terminal, the police arrested a person who was involved in fake currency syndicate. Rao was also in touch with that person.”

Accused speaks
In his statement to the police, Rao has said that since the “government is giving people the chance to people use the old denominations at medical shop, hospitals and as nobody is checking the notes like they previously used to,” he decided to put them to use.

Number of old Rs 500 notes found on his person