New Delhi, Dec 13: The Reserve Bank of India+ has suspended the official who was arrested in Bengaluru by the CBI for allegedly trying to exchange Rs 1.50 crore in old notes illegally.

The RBI has ordered an inquiry into the incident and will take further action once the details are known.
The RBI also clarified that the official arrested was a junior level functionary and not a senior officer as reported initially.
"In an operation of this size, there are always elements who would've behaved otherwise than what is expected. We're keeping vigil," said SS Mundra of the RBI.
The CBI had made the arrest last week.
Two other people were also arrested in connection with the case.
"The RBI official was involved in a case where he tried to exchange Rs 1.50 crore of untaxed money," a CBI official added.
Sources in the CBI identified the RBI official as K Michael, a special assistant with the Bengaluru branch.
However, there has been no official confirmation of his name or designation.



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SUSPENSION is a punishment as per Indian law .... that is why there is no control over law and order situation in the country......During Cauvery water dispute 50 Buses were torched .... Any punishment ?????????????????????????????????????
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