Black Money Holders Opted For This New Method With Rs 500, 1000 Notes Ban

AP2TG Staff

The decision of demonetizing Rs. 500 and Rs. 1,000 currency notes by the Modi government is definitely a big decision which will help in controlling black money and corruption. However, there are some mediators who are taking advantage of the situation.

In major parts of the country where money exchange guy who used to exchange damaged and old currency note have taken it as the biggest advantage in the present situation. They are paying just Rs. 300 in exchange of Rs. 500 (notes of Rs. 500 and Rs. 1,000). Yes, they are making money out of this currency notes ban decision.


Those people who came from different places because of some business have faced major problems in transportation. Some of the people who carry only 500 and 1000 rupee notes faced the major problem with this ban. No one is accepting Rs 500 and 1000 notes because of this ban. Mukesh Kumar came to Delhi from Katihar, Bihar with 14 notes of Rs. 500 and as he reached the auto stand to take an auto, the first question that auto driver asked was, “Do you have 100-rupee notes ?”

Every shop has written (Rs 500 and Rs 1,000 currency notes are not accepted here).”


The money exchange guys are taking it as an advantage and doing their business in full swing. They are simply saying ” Yes…Rs 500 and Rs 1000 bank notes have been banned. Now, they are invalid…whatever I am offering is too more than enough”.

There are many others who faced a similar situation. One man from Ballimaran, his son was sick and he faced problem in providing him medicines and treatment. Here’s what he told, “My five-year-old son is suffering from high fever. I took him to a doctor where I had to pay his fees and medicines costs. I had two notes of Rs 1,000 and three currency notes of Rs 500. Since all banks are closed and ATM running out of money, I had to get them changed at a lower amount. I was given only Rs 2,000 for Rs 3,500.”

Even black money holders opted for this option and trying to exchange as much amount as they can. However, this cannot be practical with huge amounts but, there is a change for circulating their black money with this money exchange method.

Keeping them aside I have a personal experience when I and my family members tried to buy gold yesterday. The jewelers availed themselves of the situation, as the price of gold exceeded from Rs 30,000 per 10gm to Rs 37,000-Rs 48,000 per 10gm. They are charging extra Rs. 1500 putting it as a reason for Rs, 500 and 1000 notes ban.

Do you have any personal experiences in your city ? Share with us in the comments section below.