Neemuch (Madhya Pradesh), Dec 4 (IANS): Cash amounting to Rs 49,70,000 was recovered from a car here in which four persons were travelling, police said on Sunday.
Neemuch Cantt Police Station Incharge Yogesh Singh Sisodia told IANS: "During a routine search of vehicles, a box containing the cash was recovered from a car. Four youths hailing from Indore, Ujjain and Mandsaur were travelling in the car."
According to Sisodia, even though over-the-counter exchange of demonetised notes in banks has been discontinued, the illegal trade of converting black money into white goes on unabated.
When the cash was counted, Rs 32 lakh was found in Rs 2,000 denomination notes, he said. The remaining amount was in bundles of 100, 50, 20 and 10- rupee denomination notes.
Police cited the youths as saying that they were going to a local trader to exchange his old notes. They would have made a profit of 21 per cent in the deal.