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Cash hoarders search for hawala traders
Black money hoarders are racking their brains and looking for every opportunity to push their bundles of Rs 500 and Rs 1,000 currency notes, which have been spiked from November 9.
Visakhapatnam: Black money hoarders are racking their brains and looking for every opportunity to push their bundles of Rs 500 and Rs 1,000 currency notes, which have been spiked from November 9.
Some are even settling down for 70 per cent of the money by striking a deal with the hawala operators, cash exchangers, who have been collecting the Rs 100 and Rs 50 denomination notes from various sources ever since the bolt came from the blue.
According to sources, the operation exchange is taking place in two forms. Firstly the dealers are asking in advance the denotified currency and offering money in phases, if it is in huge quantity. The operators will collect the currency at a designated rendezvous and deliver smaller notes over a week’s time.
Citing an exchange that took place on Thursday, sources said a person deposited Rs 1 crore of devalued notes and he will collect the amount in smaller notes to the volume of Rs 70 lakh over a week’s time.
The second mode of operation is on daily basis. The agent will collect only Rs 10 lakh per day and deliver Rs 7 lakh instantly. There is no limit for the volume. Most of the exchanges are taking places in bigger vehicles and busy areas of the city, the sources said.
The other form of whitening the cash is to buy off gold. Traders are demanding Rs 4.5 lakh for 100 gram biscuits and the offer is unlimited. As the city earned a reputation for low crime rate, people are enquiring about exchanges from far off places like Bhubaneswar, Raipur, Hyderabad, Guntur and Chennai, the sources said.
“Middlemen, mostly people who had worked as collection agents for finance companies are striking the deal and in the process collecting good money,” the sources said.
The agents are also looking for labour agents who believed to be in possession of smaller notes and are also capable of collecting the same from the workers whom they employ at various places of work.
The city has over 1500 families or individuals who are in possession of cash which could be more than Rs 100 crore, said a former income tax officer, who requested anonymity.
KMP Patnaik
