Blog By mariam | 26-07-19
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Demonetization has affected millions of people in India. The people who are in real trouble are the ones with loads of black money. The surprising bit here is the way they are converting all their black money into white.
The easiest way that people are following is by making donations to temples. The government has already clarified that temples will not be asked questions. So the donations are made and a percentage as a commission is settled. Black money holder gets most of his money back.
The poor are made to deposit a sum close to Rs 2.5 lakhs in his/her account as anything less than 2.5 lakhs won't be questioned. Later, they are given a commission and the most of the money is returned!
The Companies with loads of black money are paying their employees their salaries in advance. The idea is to pay each employee less than Rs 2.5 lakh - the limit above which deposits will be examined.
Keep reading ahead to see more such methods.
People are approaching professional Money Laundering Firms. Chartered Accountants run such companies. Do I need to say anything more?
So people are booking railway tickets with very high prices. Cancelling the same tickets will get the refund back in the new currency. This has become quite a muse for people now.
Government is flaunting the fact that they've opened crores of Jan Dhan accounts already. Using the owners of these accounts and depositing some money can be really helpful for black money holders.
They later pay the account holder a specific pre-decided commission.
Since most of the work in banks is still done manually, it is possible to change the dates of Fd's and convert the money! People are doing this.
Giving out loans specially to poor people helps in fending off the black money temporarily. They get paid back in new currency.
Banknote Mafia is a term that is recently coined after the decision of demonetization. Here, these mafia's accept Rs 500 and Rs 1000 notes and return anywhere from 15% to 80% of the value in Rs 100 notes.
Gold prices shot up because many black money hoarders rushed to jewelry shops as soon as prime minister Narendra Modi made the demonetization announcement on 8 November. Since they are accepting old notes, it is easy to fend off the money.
People are also using farmers as their income is not taxed. No one is going to check their money. For some commission, farmers do this as well.