India has lakhs of cores in terms of black money. To restrict the black money, the government has banned 500 and 1000 currency notes. Even after the demonetization the black money holders can turn their black money into white in some simple outstanding ways which you probably don’t know.
It is the common people who are suffering by this action of the government; there are many sad incidents in the recent days after the ban on old currency notes. Marriages were cancelled due to lack of money, Operations were stopped in hospitals as a result a kid was died in Gujarat and there are many more incidents like this.
We can’t find any politician or business man standing in the queue at banks and ATM’s. As the black money holders will not keep hot cash with them, they will invest their black money on many things like purchasing assets, buying gold, share markets etc.,
But the black money holders can convert their black money into white even after demonetization. Now let us see some of their techniques of converting the black money into white…
Donating to temples:
As the government will not question the income of temple hundi’s, the temple priests are cashing this advantage. The black money holders are donating money to the temples and the priests will exchange these old currencies and will charge 20% commission and will give back the rest amount to their owners.
By using the poor people:
The big shots with huge money are using the poor people on behalf of them. The black money holders are making the poor people to stand in queues at banks for exchanging their black money and will give 10% as commission.
Giving loans to people in villages:
In Karnataka, an MLA has given loans to people to do business. The villagers should repay later, each one was given 3 lakhs as loan. The innocent villagers thought that the MLA is doing very good thing and appreciated him.
Depositing in Jan Dhan accounts:
In Modi’s Jan Dhan scheme everyone got bank accounts but it seems that it has turned to a great use for black money holders than the people who own those accounts. The people with huge money are depositing their black money up to 2.5 lakh in the jan dhan accounts and will withdraw later by giving 10-20% commission.
Currency note mafia:
A new currency mafia has emerged in the overnight after the old currency ban. These people are collecting 100 rupee notes from various sources and they are exchanging the old currency. The people with huge old currency are approaching these people and exchanging their money by giving certain commission.
Paying advance salaries
The companies are paying salaries in advance for their employees to get rid of black money and the old currency notes. Some companies are even paying 3 months advance salaries to the employees.
By booking train tickets
To reduce the problems of common people during their journeys on the ban of old currency notes, the government has announced that the old currency notes will be valid in railway stations. So the people are booking advance tickets even though they don’t need any. Afterwards they are cancelling the tickets, so that they will get new currency after cancellation.
People with large amount of black money are purchasing gold, this way they are converting their liquid cash in the form of gold. Government strictly passed the rules that gold should not be sold without showing the pan card of the buyer. The IT department is going through the past sale records in the jewelry shops.
The black money holders are using the farmers in a great way, because there is no tax on the income of farmers. That is why the black money holders are giving their money to farmers and making them to deposit in their accounts by giving some commission. The farmers can easily escape by saying that they got more profits this year on their fields, in case if government asks them.