Margao: Man held with demonetised currency gets bail

MARGAO: Lavu Chavan, who was arrested by the Konkan Railway police on Saturday after he was found in illegal possession of demonetised currency in a Mumbai-bound train, was released on bail on Sunday.
Chavan, 35, is a resident of New Panvel. The Railway Protection Force (RPF) had nabbed him on Friday after they spotted a suspicious-looking bag placed under the side lower seat of the general compartment of 01046 Karmali-Lokmanya Tilak Terminus summer special at Tivim railway station. The bag was found to be full of old Rs 1,000 and Rs 500 notes worth nearly Rs 2 crore.
The RPF handed him over to the Konkan Railway police which placed him under arrest on Saturday under Section 489 C (possession of forged or counterfeit currency-notes) of the Indian Penal Code and section 7 of the Specified Bank Notes (Cessation of Liabilities) Act, 2017.
The act prohibits possession of more than 10 pieces of the old notes by individuals and more than 25 pieces for study, research or numismatics purpose. An offence under the act attracts a fine of Rs 10,000 or five times the cash held, whichever is higher.
PI Pravinkumar Vast, holding charge of the Konkan Railway police station, Margao, said that during the course of his interrogation, Chavan revealed the names of two individuals from Goa on whose behest he was transporting the currency to Mumbai.
Sources said Chavan was a frequent visitor to Goa. He owns an automobile garage in Mumbai, and also works as a broker in property dealings.