14/11/2016

ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

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ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

ShewaliTiwari
November12,2016
21.1k
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ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

7WaysToManageYourCashFlowSmoothlyAfterTheBanOnRs.500&1000Notes

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14/11/2016

ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

HeresHowMoneyChangersAreUsingJanDhanAccountsToConvertBlackMoney
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Withtherecentcurrencydemonetisation,86percentofthecurrencyincirculationhasreportedlybecomeworthless.ItwasasecretwellkeptbythePrime
MinisterthatleftmostoftheIndianperplexedoverthesituation,astheybegantocountthenotesthattheyhadkeptintheirhomes.

huffingtonpost
(Alsoread:MostPopularSearchInIndiaInTheLastTwoDays:'HowToConvertBlackMoneyIntoWhite')
"ThenotesofRs500andRs1,000willnotbelegaltenderfrommidnighttonightandthesewillbejustworthlesspieceofpaper,"hesaid.
Hisstatementjoltedtheentirenation,affectingmorethan1.2billionpeopleatthesametime.Sincethen,everybodystartedlookingupforthegermaneoption
tograbtheirblackmoney.
Thatsaid,haltingly,duringthesleepinghoursofournation,anewindustrystartedthrivinghelpingblackmoneyhoarders.

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14/11/2016

ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

IndiaTV
Oneofthemostopentrade,theGoldbusiness,gotakick.
Goldpricessoaredbymorethan5percentonTuesdayduringEuropeanhours.
Inlocalmarkets,thepriceof10gmofgoldrosefromRs30,000toRs34,000onTuesdaynightandhassincerisenuptoRs50,000incertainareas.
(Alsoread:HereAreAFewThingsYouShouldKnowBeforeHeadingToAnATMForCash)
Jewellersacrossthecountrystartedissuingbillsforapreviousdate,andthuswithnoharm,thisbusinessbecameoneoftheeasiestwaysforhoarders.
ForpurchasesbelowRs2lakhs,thereisnoneedofPANcard,thereby,allowingthemtosellwithoutbeingtraced.Thisway,theywillhaveallthepaperwork
thattheyneedandnobodywillbeharmedorquestioned.

AnothermethodthatcameupinlightwasusingtheaccountsofpeoplebelowpovertylineandoperatetheirJanDhanYojanaaccounts.Usingwhich,the
depositofmoneybelowINR2.5lakhispossible,thereby,somepeopleareofferingtoreturntheamountbyDecemberend,orinsomecases,byMarch2017.
(Alsoread:DepositingBlackMoney?HereAreTheIncomeTaxNoticesYouShouldGetReadyFor)

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14/11/2016

ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

Furthermore,theratesofcurrencychangehavesoaredupto3040%withinthelasttwodays.Thisensuresexchangeconversionofblackmoneyinolder
denominationstonewblackmoneywithnewRs500,Rs2,000andoldRs100notes.
Thereby,convertingblackmoneyintowhitedoesnotseemtobethatbigadealafterall.
So,onemayask,whywasthisdoneinfirstplace?
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ThreeDaysAfterTheBan,'IndianJugaad'ThrivesToHelpPeopleInHoardingTheirMoney

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