NEW DELHI: Currency changed its complexion between November 8 and December 15 in the city. So have commission rates of underground money hoarding networks. Grey market currency exchange rates reportedly have plummeted from 40 per cent to just 8 per cent during the same period.
This means that someone with Rs 1 lakh in old Rs 500 and Rs 1,000 notes can get legal tender worth Rs 92,000 by paying just Rs 8,000 as a cut. When contacted by this reporter posing as a decoy customer, a black money operator said, “Lagta hai sab black money khatam ho gaya.
Ab bahut kam log exchange kara rahe hain. (It seems all the black money is over. Very few people nowadays care contacting us for converting the old notes). ” Sources said it means the huge amounts collected from hoarders have already slipped into the legitimate financial system.
The government is gearing up to meet the threat of black money pumped back into the financial system. Like in well-oiled spy ring, the chief operator employs various field operatives to collect the money.
The information conduit is WhatsApp. After banned notes are collected, the network takes two-three hours to arrange legal tender. The black money hoarder is informed and an exchange location decided. Freshly minted Rs 2,000 and Rs 100 bundles wrapped in grocery bags are delivered. Ironically, the deal is done in secrecy with complete transparency.
The government is hoping to catch the gangs after December 30 and has prepared an elaborate plan involving income tax officials and other enforcement agencies.
“We are hoping to uncover Rs 2-3 lakh crore deposited by black money hoarders,” a government official said.