Not a black and white game

S Chandra received a call on Friday morning claiming that if she had notes of Rs 500 and Rs 1,000, the caller could get it changed and give it back within a week, after claiming 30 per cent commission. According to a source, “Those who have large sums of unaccounted cash have been getting offers where they can turn their money white, over a period of 30 days if they are willing to take a 30% cut. For example, a sum of Rs 10 lakh would yield Rs 7 lakh in legitimate currency, after a month. This is being done mostly by investing in smaller legitimate businesses, which will yield long-term gains. Some bank managers too have jumped on the bandwagon, helping change large sums into valid notes, while taking a 20% cut,” alleged the source. 

There are also many establishments, where it is business as usual. A trader who did not want to be named, said. “Today (Friday) we converted Rs 1.5 crore from black to white. A bank employee even asked me how long I had kept the cash, as the notes are sticking to each other.” He further adds that people are resorting to different methods to get the unaccounted money out. “As a businessman, I have to deal with a lot of vendors and have to pay them when a business transaction happens. Now, we have struck a deal with them wherein we deposit the money in their accounts, since there is no limit when it comes to deposits. Instead of paying him every single time we do business, we deduct that amount from the existing balance. Of course, he will take a commission for it. All he has to do it make it reflect on the balance sheet,” he adds.

Defunct companies are also getting resurrected, and their balance sheet will now show better performance, say sources. There are also others, who are using their trusted staff to convert their small stash into legal currency. “I have asked over 15 of my staff to deposit money in their account and withdraw and give the same to me after a few weeks. I will give each of them Rs 10,000, for the service rendered,” says another businessman. Even those who happen to have bundles of Rs100 are making the most of it. “A college-going kid I came across said that he will give a Rs 450 in exchange for my 500 note,” says Sharmila, a homemaker in RA Puram.