Exchange of stash at 30% commission thrives

​Amaravati: The people of various walks of life are receiving calls from their kith and kin and well-wishers, friends and strangers with mutually beneficial offers of exchange of banned currency.

Some persons are said to be dispensing legal, new notes in exchange for scrapped high value notes after deducting 30 per cent commission.

This has become a hot topic among the public in the two States of Andhra and Telangana. While all business operations come to a grinding halt following the currency ban, some people are said to be cashing in on the crisis by turning it into a new business.

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Highlights:

• People are getting calls from brokers offering new notes for old notes for huge amounts at a commission
• Mystery shrouds source of new currency being offered by money-changers
• Banks deny diversion of new notes from their branches, say it is impossible

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According to sources, some of them have formed a chain and are providing new currency for banned notes. The activity has spread to all major towns and cities in both Telugu States.

Moreover, these unidentified persons, operating with the help of brokers, giving new currency on the spot without any hassle or proofs.

Owners of many business establishments who have unaccounted cash are said to be making use of this opportunity.

A senior employee of a jewellery chain said his owners had already exchanged old notes to new ones by paying commission to these persons.

“In the beginning, these persons reportedly collected only 15 per cent commission but as demand increased for new currency, they are demanding 25 per cent to 30 per cent commission,” he added.

Similarly, a section of government employees having unaccounted money are reportedly in a frantic search for ways to exchange it.

How these persons offering new notes are getting money is a million dollar question. One rumour making rounds is that the new currency is being diverted from banks.

But the banking officials vehemently deny this. They said it is a false assumption and is impossible. Andhra Bank Gandhinagar branch manager M Venkata Tilak told this newspaper, “The diversion of new currency from banks is impossible.

Moreover, reports of exchange of banned currency for new notes on a commission are also a mere rumours.. Once bank branches receive new notes from head office everything is recorded with Closed Circuit Television (CCTV) cameras.”

Moreover, banks do not hold huge amounts he said and added that cash is drawn based on requirements on daily bases only.

However, according to sources some people are using the people poor sections for exchanging currency notes on commission basis through bank queue lines.

They are paying Rs 500 as commission for Rs 4,500 new currency, which is the daily limit so far. The banks have now reduced the limit from Thursday after observing these activities.

Now the bankers are taking only the currency notes from account holders for depositing in to their accounts, says a private employee Ch Ravi. Besides.

Some of them are exchanging currency by requesting their relatives and friends to deposit their money in their own bank accounts, said P Srinadh, who is a real estate consultant.