19 Nov 2016


Know How Indians Are Converting Their Black Money into White Even After Demonetisation

Know How Indians Are Converting Their Black Money into White Even After Demonetisation

If the Government is thinking that their demonetisation policy is going to end the black money from the country then they are certainly dreaming. Wealthy people have already figured out how to convert their big stashes of black money into white. On the other hand Poor and middle class people are suffering very badly. It seems like only poor and middle class people are standing in the queue waiting for their turn in the banks. But no wealthy and rich class people haven’t been found standing in the queues so far. People from poor and class are literally facing hardships and unfortunately around 50 people have been died so far since the initiation of this demonetisation of currency.
Black money holders know how to play smart even at this situation. According to the Google search reports it seems like people from Gujarat are desperately looking for the methods to convert their black money into white. Actually, Gujarat ranked 1 in searching “How to convert Black money into white” on Google.

Now just have a look on the methods which is being used by Black money holders to convert Black money into white. We have found the 5 trending methods used to convert black money into white and they are listed below:

Donating Huge Sum of Money in the Temples

Wealthy people believe donating temples is one of the best methods to convert black money into white money. And nobody is going to question you about it.
And temple management is also taking equal part in this by keeping a commission from the black money holder. ABP news telecasted a string operation showing that one of the pujari from Govardhan temple in Mathura indulging in such activities.

Misusing Jan Dhan Scheme

Before the demonetisation there were not many Jandhan accounts but the moment demonetisation was implemented shockingly large number of accounts have been opened. Besides large number of cash deposit in these jandhan accounds have been after the implementation of demonetisation. Wealthy people are sending their poor servants and workers to open their accounts in the scheme. However, it is suspected that lots of money has been deposited lately and it is certainly the black money.

Offering Loans to the People

Poor people are being used to convert black money into white money and the reason is that nobody is going raise a question on poor people and let them go without any investigation. Wealthy and rich people have also started giving loans to their workers and poor people with no interest. It seems like it is a good initiative but the reality is darker as these people are just using loan system to convert their black money into white.

Investing in Gold

Demonetisation dramatically leads to the increase in gold prices. After the demonetisation announcement black money hoarders immediately reached to the jewellery shops and surprisingly bought as much gold as they could. Jewelers also took the advantage of this moment and sold their gold ornaments at the premium rates. Very large quantity of Gold was sold during those 4 hours after the demonetisation announcement till the midnight.

Banknote Mafias Are Cashing Out This Opportunity

Banknote mafia has started utilizing this opportunity to earn profit in the form of commission. These people are ready to exchange old notes of Rs 500 and 1,000 but in return they are providing not the full amount but around 80% of the value in Rs 100 notes. And these mafias use the profit to convert this money into white money.