Gwalior (Madhya Pradesh) | Gwalior police caught a man with Rs 47 lakhs of banned currency notes of Rs 500 and Rs 1,000 in the district, a police official said on Monday.

Of these amounts, there were 12 bundles of banned Rs 500 notes and 41 bundles of banned Rs 1,000 notes. These currency notes were demonetised on November 8, 2016.

In view of the state assembly polls scheduled next month, an extensive search is going on across the state. During the search operation in Gwalior district on Monday, the accused coming from Morena district was caught here.

Senior Superintendent of Police (SSP, Gwalior) Rajesh Singh Chandel told ANI, "The accused was coming from Morena and he was caught during checking in the district. The police team recovered the banned notes of Rs 1000 and Rs 500 from the procession of the accused. The total amount is Rs 47 lakh."

The accused has been taken into custody and is being interrogated. In the preliminary questioning, the accused told the police that someone asked him that he would get the note changed. A complete investigation is underway about where he had brought the currency and where he was taking it, the officer said.

He added that intensive operations were being carried out continuously by the police team in the district in view of the upcoming state assembly polls.

Madhya Pradesh will undergo assembly polls on November 17. Through the polls, the state will elect legislators from 230 Assembly constituencies. The election will be conducted in only one phase in the state and the counting will take place on December 3.