Inside The Black Market Of Rs 2000 Notes

An India Today investigation on Bansal & Sons Jewellers store located in Delhi’s Chandni Chowk has discovered the black market of Rs 2000 notes.

Certain bullion traders are providing dubious services to exchange the 2,000-rupee notes, effectively assisting individuals with undisclosed money in getting rid of their high-value banknotes at a significantly reduced worth or even swapping them for gold at a higher price, an India Today investigation has found.

Despite the absence of demonetisation and the existence of regulations for depositing and exchanging the withdrawn currency within a four-month period, tax evaders and illicit cash networks appear to be operating at full throttle.

BUYING 2000s AT LESS WORTH, OFF THE BOOK

Naresh Bansal, the owner of Bansal & Sons Jewellers store located in Delhi’s Chandni Chowk, suggested exchanging Rs 1 crore in 2,000-rupee bills for 93 lakh in 500-rupee notes.

Naresh Bansal, the owner of Bansal & Sons Jewellers. (Photo: India Today)

“Would you prefer notes in exchange or gold?” he inquired of India Today’s investigative reporters.

“What if you give notes in exchange?” the journalists inquired back.

“That can be arranged as well. That’s why I asked,” Bansal replied.

He then stated his commission for exchanging one crore in 2,000-rupee banknotes.

According to UN spokesman Stéphane Dujarric, the UN is assisting a Russian bank with a SWIFT bypass after it was disconnected as part of Ukraine-related sanctions last year.

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