Poor turn rich with Modi’s magic wand

​Chittoor: The poor suddenly become rich with their bank accounts flushed with cash, thanks to the magic of Prime Minister Narendra Modi’s demonetising high-value denominations.

To the utter shocking of the bankers, the people from the below poverty line (BPL) families whose accounts went dry for the most part of the year, surfaced in banks with a request to deposit cash in their savings bank accounts.

This is suspected to be a trick played by the super rich with a lot of black money in their possession. Even as a sum below Rs 50,000 is allowed to be credited into the savings account without any spook from the Income Tax Department, this stipulation is being liberally used by certain vested interests to turn their black money into white by using the gullible poor as a ploy.

Inquiries by The Hans India revealed that the black money hoarders got the poor to credit cash up to Rs 49,000 into their accounts on the condition of repayment of only Rs 40,000 in easy installments.

The arrangement ostensibly helps the poor bank account holders receive a commission of Rs 9,000 as a quid pro quo for their gesture. As per the plans, the poor came to the banks with the demonitised currencies of Rs 500 and Rs 1,000 for depositing into their accounts. The banks in Rajiv Nagar and the other banks in the city presented such scenes.

It is suspected that the poor were also used by the rich people to obtain low-value denominations from the banks in exchange of the banned notes on production of photo copies of Aadhaar cards as a proof.

The banks witnessed heavy turnouts throughout the day, warranting police security to regulate the crowds and check the pickpockets. The services of the National Cadets Corps for crowd
regulation was also pressed into service.