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Despite the absence of demonetisation and the existence of regulations for depositing and exchanging the withdrawn currency within a four-month period, tax evaders and illicit cash networks appear to be operating at full throttle.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.
“Would you prefer notes in exchange or gold?” he inquired of India Today’s investigative reporters.
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“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.
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