Black money hoarders in Jammu wooing their friends and family to turn black money into white

As Prime Minister Narendra Modi announced the ban on old currency and informed about issuing a new one, multitude of hoarders including jewellers, traders, politicians and bureaucrats across the country are brainstorming to come up with innovative ideas to convert their black money into white.

As of now, most of the jewellery shops have been raided across the country and all businessmen are under the scanner. The transaction details of all big firms are under the watch. Hoarders do not hesitate to offer a share of their illegitimate income to friends, family and relatives requesting them to convert it into white money by depositing it in their accounts. This money will be returned to the account after a 20-40 per cent cut for the service.

A senior businessman said that one of his friends, who is a senior government official contacted him and offered to give Rs 30 lakh with a 20 per cent cut. He further told him to return Rs 24 lakh after six months in new currency. All his accounts are now flourishing with money.

People in Jammu and across the country are transferring funds to other people's accounts to save their money. As per the sources, the Income Tax department is interrogating many businessmen who have specifically hired labourers to work for them temporarily in order to exchange currency notes.

The sources confirmed that all these labourers have to do is stand in a queue before the bank to exchange Rs 500 and Rs 1,000 currency notes and as soon as the transaction is done, the workers get between Rs 250 to Rs 500.
Many employers have even paid advance salaries to their staff for demonetisation of Rs 500 and Rs 1,000 currency notes.

Reports are that the labour class is being exploited by the businessmen to convert their black money into white money.

A senior politician even stated that if he decides to deposit this money in the bank, he will ultimately get no money because the government is charging 30 per cent plus 60 per cent penalty and other taxes so in the end, he will get nothing.

In addition to that, they said that the government will end up disclosing their names as black money hoarders. So, the wise decision is to give it to a close person who will also benefit and they also get something in return i.e., a dual benefit scheme.


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