These 'change agents' can get up to Rs 5 crore of black money exchanged per day
The Income Tax department has conducted over 200 black money related search operations since the announcement of demonetisation and have found crores, not just in old currency, even in new 2,000-rupee notes that are not so easily available at banks and ATMs yet.
Mumbai: The Income Tax department has conducted over 200 black money related search operations since the announcement of demonetisation and have found crores, not just in old currency, even in new 2,000-rupee notes that are not so easily available at banks and ATMs yet.
How did such huge cache of new notes reached black money hoarders? Of course corruption is having a field day helping black money hoarders convert their stocks of old currency into new with the help of 'change agents'
As per The Economic Times report, illegal exchange of demonetised currency notes is rampant and the people involved in the trade say they have agents across the country who can get you the newly minted notes in a matter of hours. The commission they take, of course, is steep.
ET spoke to a number of people in the trade of exchanging old notes with new. “If you have Rs 1 crore in cash, we can exchange it in one hour, anywhere in the country,” said Jiten, one of the people claimed to have been involved in the trade. “Of course, you would have to pay a commission.”
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 said.
The commission is currently 10%. That is, if you exchange Rs 1 crore of old notes of Rs 1,000 and Rs 500, you will have to forgo Rs 10 lakh.
While banks are claiming that they are being unfairly targeted, those in the trade laugh it off, saying that managers to cashiers at many bank branches, both private and state-run, are part of the racket. As the deadline to deposit the demonetised notes draw closer, the 10% commission for getting notes changed is expected to go up to 13%, which could be the minimum”, added the ET report.