Chennai: Demonetised notes of Rs 500 and Rs 1000 in around 36 sacks were found inside a dump yard at Madhavaram, Chennai on Monday.

The sacks of banned currency notes were torn and damaged. This was noticed by residents of Madhavaram, after they spotted the bags kept suspiciously in the dumping area. They immediately alerted the police, who opened the bags to find demonetised notes.

These notes were demonetised by the government on November 8, 2016.

It is said that the bags have been dumped at a place where there are no CCTV cameras. The police do not have any lead regarding the same so far. 

The notes have been damaged and thrown in large quantities following the arrest of people in possession of demonetised currencies, recently in Tamil Nadu.  

The Intelligence Bureau (IB) had seized Rs 2 crore worth of Rs 500 and Rs 1000 notes from a car of an advocate in April this year. Later in May, Rs 45 crore worth demonetised currencies were seized at Choolaimedu High Road. 

These incidents are slated to be investigated by the Reserve Bank of India under the Specified Bank Notes (Cessation of Liabilities) Act, 2017.