Here’s how Crores of old notes are getting exchanged without queuing up in banks
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If you have money, they have the way. That’s what the agents of illegal money The illegal exchange of demonetized old notes of Rs 500 and Rs 1000 with freshly minted Rs 2000 has gone rampant. But don’t think this comes real easy. Black trade that started after the government’s good will of curbing black money has a lot of conditions associated.
Firstly the money meant to exchange needs to in
The
Jiten said he can exchange up to Rs 5 crore a day - but with a condition. "You have to be referred to us by someone who has already exchanged the money," he told the ET.
The commission is 10%. So for Rs 5 crores to exchange, the commission would be Rs 50 lakhs.
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What is worrisome is not just the easy manner in which the new notes are being exchanged illegally, but also the deep inroads the black money exchangers have made into the system.
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