Saturday 19 November 2016

How rich Indians are converting currency from black to white?

A rich person has say ₹10 crores in demonetized notes of ₹500 and ₹1000. He will ask his servant (say driver) to deposit the currency in his savings account. After the deposit is made, the driver will buy, on paper only, say an expensive painting for nearly ₹10 crores. Thus almost the entire amount will be transferred to an account controlled by rich person.
The driver will asked to leave the city. The income tax people will not be able to find the driver easily.

The black ₹10 crores has been converted into nearly ₹9.5 crores white. The driver and bank officials have been paid nearly ₹50 lakhs bribe. The rich person has not done anything illegal i.e. he has only sold something for ₹9.5 crores. So the rich person, with black money, cannot be prosecuted easily.


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