The National Investigation Agency (NIA) and Uttar Pradesh police have recovered demonetised notes worth Rs 100 crore from residential premises in Kanpur.
The NIA with the UP police conducted a raid after receiving a tip-off.
The officers are still counting to ascertain the exact amount of money and some people are being questioned.
“We received information of the presence of demonetised currency worth crores at a residential premises in Kanpur. A raid was conducted by teams of the Reserve Bank of India (RBI) and Income Tax (IT) department officials,” an official told ANI.
“We are interrogating the people involved,” said AK Meena, Senior Superintendent of Police (SSP).
As on November 8, 2016, when the note-ban was announced by Prime Minister Narendra Modi, there were 1,716.5 crore pieces of Rs 500 and 685.8 crore pieces of Rs 1,000 notes in circulation, totalling Rs 15.44 lakh crore.
In its annual report for 2016-17 released on August 30, the RBI had said Rs 15.28 lakh crore, or 99% of the demonetised 500 and 1,000 rupee notes, have returned to the banking system.