How to change black money to white? These hoarders are finding indigenous ways


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.

(Image: India Times)

View As: One Page Slides

Train tickets

Train tickets

People were paying agents for expensive first-class train tickets with old bills and then cancelling them later to get reimbursed in new notes, all in order to get around the tax man. Anil Kumar Saxena, spokesman for Indian Railways, said ticket purchases for first class, air-conditioned compartments, the most expensive category, had surged.

"We usually sell about 2,000 tickets every day," he said. The day after the demonetization measures were announced, that rose to 27,000, Saxena added.

Even small towns like Indore, Siliguri, Asansol, Merut have show train ticket sales reaching Rs 5 lakhs a day.

​ Loans at low interest

​ Loans at low interest
Many hoarders have suddenly turned Samaritans and they are visiting slums and villages asking people if they need money. They are ready to loan out Rs 2 lakh at 1% interest. Some are also giving six months’ free interest. The only condition that prevails is accepting old notes of 500 and 1000. The loan takers are convinced that they can exchange old notes anytime they like.

Buying Rs 100 notes

Buying Rs 100 notes


It has been reported at many places that agents selling 100 rupee notes in exchange of old notes and a small fee have started mushrooming. Black money hoarders are exchanging tons of old notes in this process.

Investing in gold

Investing in gold

Jewellers stayed open into the early hours of Wednesday. In Mumbai it was estimated that about 250 kg of gold, worth an estimated Rs 750 lakh rupees at spot prices, was sold in the city within a few hours of the ban of currency notes.

The source said jewellers were paid anywhere between 20 and 65 % above the going rate by buyers snapping up the precious metal with old notes.

​ Expensive gifts

​ Expensive gifts

With the wedding season on, hoarders are finding ways to deal with reserved money. Walking at wedding events, these people are seen carrying gifts worth lakhs.

​ Gifting employees

​ Gifting employees
Some industrialists and business men are turning good bosses. They are paying bonus and salaries in advance to workers with old denomination of Rs 500 and Rs 1000. One thing for sure, the workers are amused at boss’ gentleness.
Subscribe to whatsappSubscribe to whatsapp
Add Comment()
Comments ()
X
Sort By:
Be the first one to comment.
We have sent you a verification email. This comment will be published once verification is done.