Prime Minister Narendra Modi’s sudden announcement to discontinue tender of Rs 500 and Rs 1000 have left the commoners in a big soup. While this is a laudable move to check black money integration in Indian economy, the common masses are finding it difficult to stand in the queue and exchange old notes at bank. Not only so, the old notes, which were supposed to work at hospitals, railways and petrol pumps are often being refused by the authority because of the lack of change.
While the commotion continues, hoarders of black money are finding innovative ways to bypass the usual banking transactions and using the old currency notes. People are inventing ingenious ways to try and hide their money from the tax inspector.
Retailers, wedding planners are getting continuous calls convincing them to accept old notes in exchange of buying large items. While event planners are being asked to accept money above their charges on condition of being paid in Rs 1000 denominations, there are several life hacks found by black money hoarders.