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Currency switch: How people are taking advantage of the chaos in Bhopal

Demonetisation of Rs 500 and Rs 1,000 banknotes has given many people a sudden chance to become lakhpati in Bhopal.

bhopal Updated: Nov 14, 2016 09:08 IST
Shruti Tomar, Bhopal
Bhopal,currency ban,black-money menace
People queue outside a State Bank of India ATM in Bhopal on Sunday. (Mujeeb Faruqui/HT photo)

Demonetisation of Rs 500 and Rs 1,000 banknotes has given many people a sudden chance to become lakhpati in Bhopal.

Many black money hoarders are approaching their servants, employees, relatives, even trusts and NGOs for depositing old currency in banks. They are offering an interested person from Rs 5,000 to Rs 2 lakh for parking their money for some time.

Lakhs of people were standing outside banks across the country on Sunday trying to change Rs 500 and Rs 1,000 bills the Narendra Modi government abolished on Tuesday, in an effort to crack down on corruption.

Shyamvati Patel (name changed), a domestic helper, said, “I work in a real estate developer’s house. He asked me to deposit as much money I can in accounts of my family members. He offered me 10% of the total amount I will deposit. My family is happy with this offer as we got a chance to become lakhpati in a day. But I am afraid of any action.”

Small time shopkeepers, kiosk owners and vegetable vendors are also being approached by hoarders.

“A madam asked me to help her in getting the money exchanged and she would give me Rs 5,000 for that. For me offer is not bad because it is my monthly income,” said Suraj Singh, a vegetable vendor of MP Nagar.

Some people are trying to save taxes by donating money to NGOs in back date.

“The donation in NGOs always goes up at the end of financial year but this year, it goes up in the month of November. People are coming forward with huge money to donate but they are offering Rs 500 and Rs 1,000 notes. We are contacting chartered accountants for advice,” said an NGO member, who works on women and child issue.

An RTE activist Rolly Shivhare said, “The black money hoarders are approaching people of lower income group which are not under the surveillance of central agencies. Many people informed me about this.”

“A person doesn’t need to show his pan card for depositing money lesser than Rs 50,000. So my domestic helper was offered by a person to deposit Rs 49,000 in return of Rs 1,000 commission,” she said.

“With strict monitoring, the government should also come up with innovative ideas so that instead of throwing money and approaching people, hoarders could do secret donation for the welfare of society,” Shivhare said.

Some businessmen are also giving full payment to employees at one go.

Chartered accountant Abhay Chajjed said, “We are getting queries from businessmen and industrialists for effective planning for their money. They are converting their currency by paying in advance to their employees and servants, whose incomes are less than Rs 2.5 lakh.”

First Published: Nov 14, 2016 09:08 IST