Man held for illegal note exchange gets bail

January 03, 2017 10:59 pm | Updated 10:59 pm IST - Bengaluru:

The High Court of Karnataka on Tuesday granted post-dated bail from February 2 to C. Ramalingam, who was arrested by the CBI for illegal exchange of new currency. Justice Rathnakala passed the order while disposing of a petition filed by Mr. Ramalingam, who was arrested a month ago after a I-T raid disclosed that he was in possession of ₹46 lakh in new ₹2,000 notes. The court imposed certain conditions, including surrendering his passport. Earlier, counsel for Mr. Ramalingam contended that the CBI has no jurisdiction over the affairs of private sector banks. However, CBI’s special public prosecutor said officials of private sector banks too come under the definition of “public servants” under the Banking Regulations Act, and the CBI has jurisdiction over them under the Prevention of Corruption Act.

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