Many cash-rich Delhiites seem to have devised different ways to convert their black money into white currency. Reports suggest that some people have hired people, having identity proof, to work for them on a temporary basis till December 30. All that these temporary employees have to do is to stand in queue at the bank to get the demonetised Rs 500 and Rs 1,000 notes changed and take out Rs 4,000. Once transaction is done, the employee gets Rs 500 with himself and returns Rs 3,500 to the employer.
At some places, one could spot young boys ready to help elders by offering them Rs 3,500 for each Rs 4,000 transaction. There are reports that some employers even paid advance salaries for two to three months in old currency with the rider that they would return the same in white currency in the coming next two or three months.
In one such case, a factory owner has brought at least 50 women at a bank office located at ITO and asked them to stand in queue to get notes changed. Most of the small hotels and restaurants in Walled City area have asked their employees to stand in queue.
"My job is to go to at least three banks per day to exchange the money," said a restaurant employee, requesting anonymity.
Some beauty parlours and shopkeepers were seen accepting old notes of Rs 500 and Rs 1,000 denomination with the rider that one would have to make purchases for the full value of these currency notes. Other shopkeepers who shut their shutters told their employees to move from one bank to another to get the old currency converted into the new one. At some bank branches many customers were seen using their ID proof of their respective home States.
A teenager was seen moving from one ATM to another to withdraw Rs 2,000 currency notes. Asked how he could withdraw money from more than one ATM, he said, "My employee gave me eight debit cards. So my target is to withdraw Rs 16,000 every day. Each day he will be paying Rs 2,000 as my commission."
He pointed out that his another colleague was busy in getting the old currency notes exchanged for new ones from different banks. "For each Rs 4,000 transaction, he is getting Rs 500 commission," he said.
What came as a surprise was that a few labourers too were standing in a queue outside an East Delhi branch of a private bank. "Sir, the gentleman standing near the shop gave me old currency notes of Rs 4,000. All I have to do is to give my voter I card and get the money exchanged. I will be getting Rs 500 as commission for this transaction," he said.
Even money changers have also hired labourers on daily basis to get their note exchanged.
Sources said many big business houses, factory owners in the national Capital factories are using the 'identities' of their employees and using the same for exchanging old currency with the new ones. Files with the Human Resources (HR) departments are being photocopied and the same is being given to banks in bulk for the exchange. Certain bank employees are in league with such people, they added.
There are agents and contractors who are getting bulk IDs from telecom centers and mobile shops for getting photocopies and then using the same to convert black money into white. This is going on a very large scale and crores of black money is being converted into white every hour, said sources. These agents are also using poor men living in the slums for exchanging money. An agent told The Pioneer on the condition of anonymity that they are paying somewhere between Rs 200 to Rs 500 for head to get it done.
A senior Delhi Police officer confirmed that this is happening and that it is leading to the crowds at banks and ATMs. He said banks should start using indelible ink to mark individuals coming to exchange as that would deter people from frequenting branches
to exchange.