Armed gunmen looted Rs 12 lakh from the Jammu and Kashmir Bank in the central Kashmir’s Badgam district on Monday.

According to reports, the armed gunmen entered the Jammu and Kashmir bank branch at Charari-e-Sharif in Budgam and robbed Rs 12 lakh from it. Police said four gunmen entered the Malpora branch and made away with the money. “A manhunt has been launched to nab them,” a police officer told the IANS.

According to a report by the NDTV, the stolen amount mostly consisted of the notes in the outlawed denominations of Rs 500 and Rs 1,000.

In a bid to tackle the menace of corruption and black money, Prime Minister Narendra Modi on November 8, 2016, announced a ban of Rs 500 and Rs 1,000 currency notes. The Prime Minister had stressed that the terrorists use fake Rs 500 and Rs 1,000 notes to carry out operation from across the border.

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“Enemies from across the border run their operations using fake currency notes. This has been going on for years. Many times, those using fake 500 and 1,000 rupee notes have been caught and many such notes have been seized,” he had said while announcing the scheme.

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Since then the banks have received over 2 trillion rupees of cash in the old denominations.

The new currency notes have been hard to access and people have been standing in long queues outside banks and ATMs to get notes in the new currency.

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Earlier on October 25, 2016, three masked men looted a bank of Rs 2.25 lakh in Kashmir’s Kulgam district.