HYDERABAD: The demonetisation blues are not yet over, for some. And, this is paying rich dividends to middlemen who have made quick money by exchanging old currency.
Though the problems of exchange of currency and flow of liquid cash seems to have returned to normalcy, the small group of people that gathered in front of the Reserve Bank of India (RBI) at Saifabad here with worried faces makes one feel that the woes are not yet over.
Some could not exchange as they were out of the country at that time and some others have put their money in ‘safe places’ in their houses and forgot to exchange it. However, those who are turning up at RBI here to deposit their old notes are in for a shock. A notice posted on the board says ‘Demonetised old 500-rupee and 1000-rupee notes cannot be exchanged at RBI counters’.
Exploiting the situation and luring these people are middlemen who are seen loitering near the RBI trying to strike a deal with them. However, the stakes have changed now as the RBI is the only option left for the people to exchange their old notes. The middlemen, who had earlier taken 30 to 35 pc commission to exchange old notes, have now raised their price.
“Now, you will get 30 pc in return,” said a middleman. “It is a common practice that we keep money in almirahs for use in an emergency. I forgot to exchange them and now either I have to exchange by going to Chennai or some other RBI branch or lose the money,” P Srinivas (name changed) said. To people like Srinivas, the middlemen show the way.
“We will send the old currency notes to our agents in Nagpur and get it exchanged,” the middlemen says. As per rules, a person has to submit evidence of his stay abroad during the particular period and also identity proofs.
But middlemen do not insist on any such proofs. “You just give me the old notes and take the new ones. A few days ago the commission rate was 40 pc but as the time is running out, the commission is rising higher,” a middleman says.