Stacks of black money lying in go-downs unused and untouched are slowly making their way into markets after Modi’s punch began to generate tremors. This is how our economy operates. Black money is currently flowing without any hurdles into black markets of new currency and gold.
Though unauthentic, few reports suggest that new currency notes are available in Rs.2, 000 denominations at various private parties in Andhra Pradesh operating at 30% commission basis. For example, bring 1 Cr old currency and take home 70 Lakhs new currency. One does not know, whether these 2,000 notes are original or fake yet huge dealings in the scale of 100’s of crores are said to be happening.
Those who don’t believe in this new currency are resorting to gold conversion. Many bullion market traders are selling the gold in black market at the rate of Rs.45, 000 to 50, 000 per 10 grams. Get Rs. 50, 000 old currency and take home 10 grams gold (without any bill). It’s a game and these prices are expected to sky rocket in coming days as IT department is tightening the market with lightening raids, happened on Bahubali producers yesterday.