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Middle class gradually taking up cashless deals

Middle class gradually taking up cashless deals
Highlights

Nizamabad: Facing hardship in conducting cash transactions following demonetisation, people  belonging to the middle classes are taking up gradually to cashless deals.Black money-holders in the town have been making efforts to convert their cash into white by offering a percentage for exchanging old Rs.500 and Rs.1,000 notes. 

Nizamabad: Facing hardship in conducting cash transactions following demonetisation, people belonging to the middle classes are taking up gradually to cashless deals.

Black money-holders in the town have been making efforts to convert their cash into white by offering a percentage for exchanging old Rs.500 and Rs.1,000 notes.

The demonetisation is to have serious impact on real estate, finance business, private hospitals/educational institutions, activities of smugglers and corrupt officials.

On Wednesday the efforts of some doctors here to exchange notes led to tension, as three gangs from Maharashtra and Karnataka have been found to be moving in the district offering percentages.

Some black money-holders are said to be making more investments in gold and preserving it, by even purchasing it at 40,000 for ten gm.


As if this is not enough, they are offering percentage to those known to them in villages to secure gold. Reportedly they have invested crores in gold, resulting in shortage in the gold market here.

They have been made to focus attention on gold following the Centre’s announcement that 200 per cent tax would be imposed on black money.

There have been many instances in places like Armoor, Bodhan and Nizamabad town of money-lenders dealing in gold. They happily exchanged their black money for gold. However, they are facing a dilemma as IT department officials or special team are likely to take up surprise checks/raids on such stockists after this month.

They are unable to decide what to do with their gold holdings, as gold purchased with black money has to be accounted for. With the tax officials clarifying that heriditory gold stocks, up to one kg per family, and that purchased after paying taxes won’t be taxed, the efforts of black money-holders are said to have suffered set a setback.

According to the clarification, a married woman can retain 500 gm of gold, an unmarried woman 250 gm and men 100 gm. It is unlikely to impose any tax burden on the middle class families.

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