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Black money turning white
With the Union Government deciding to go for demonetisation of Rs 1000 and Rs 500 currency notes, big businessmen and traders in the district are trying every trick of the trade to convert their black money into ‘white.’
Nizamabad: With the Union Government deciding to go for demonetisation of Rs 1000 and Rs 500 currency notes, big businessmen and traders in the district are trying every trick of the trade to convert their black money into ‘white.’
In post offices and banks. They are taking the help of unemployed youth and women in their localities made them as their agents.
They are collecting their Aadhaar and Voter ID cards for identification proof. After taking the photocopies of ID proof and filling up of exchange forms, they are made to stand in the queue.
People could exchange old currency notes upto Rs 4,500.They are making people standing in the queue twice daily by paying them Rs 500.
Each businessman is able to mobilise 100 persons for the purpose. Surprisingly, they are able to convert a whopping Rs 8 lakh into white money by evening every day.
It is alleged that one big businessman, hailing from Nizamabad district made hundreds of crores of Rupees by smuggling timber in Adilabad district during the Congress regime.
After demonetisation, he was in for a big shock losing lot of black money. He is paying Rs 500 for each candidate who goes around two or three banks per day for exchanging his currency notes.
Apart from this, the businessmen are also crediting the black into the savings accounts of their trusted loyalists so that they money is not lost and it can be got back again. Besides, gutka and ganja smugglers are also taking the help of their workers to exchange their banned notes.
These smugglers and corrupt traders are mobilizing hundreds of people from the nearby Dharmapuri hills, Vengal Rao nagar, Hymadpura colony, Mujahitnagar and Autonagar nad making them stand in the queues at various banks.
They are also identifying the Jan Dhan accounts and other bank accounts crediting the money into them. If they gain the trust of the account holders, sums amounting to more than Rs one lakh is also being credited.
Each businessmen is crediting Rs one lakh in the accounts of 15 persons depending on the trust and faith.
Even in Kamareddy, seven traders indulging in smuggling are taking every step to convert their black money into white. Such type of activities are caught in CCTV footages.
Now, their focus has shifted to Nanded district in Maharashtra and it may go on till December 30.
