1. Rs 500 & Rs 1000 notes selling at cheaper rates in Old Delhi

Rs 500 & Rs 1000 notes selling at cheaper rates in Old Delhi

Prime Minister Narendra Modi's announcement on Tuesday about the scrapping of high denomination currency, has given a business idea to a few vendors.

By: | Published: November 10, 2016 2:02 PM
1000, 500, Rs 500 notes, rs 1000 notes, black money. narendra modi, back money modi, govern,ent cracjks down on blackl money, no cash on high value transactions Vendors in Old Delhi area, have come to the rescue for the people and at the same time, earn some money.(Reuters)

Prime Minister Narendra Modi’s announcement on Tuesday about the scrapping of high denomination currency, has given a business idea to a few vendors. The move by the government was in a bid to curb black money as the high value notes are the basis of any form of corruption and illicit deals related to unaccounted money. But undoubtedly, this has caused a lot of hassle for many, even as a deadline has been set on December 30 to exchange the notes at the bank. Vendors in Old Delhi area, have come to the rescue for the people and at the same time, earn some money. The vendors exchange the high value notes, keeping a margin, so that when they deposit the notes in the bank, they get some profit, The Indian Express reporter.

The vendors, who have started this new business, generally work near Old Delhi, exchanging old, torn and damaged notes for a small some of money. On Wednesday, they had a new plan, IE reported. While one of them offered to buy Rs 20,000 for Rs 13,000, a vendor outside Fatehpur Masjid told IE, “We are giving Rs 300 for a Rs 500 note and Rs 600 for a Rs 1,000 note.” Another vendor told a customer, “The notes are garbage for you now, I’m giving you a deal so why are you fighting?” The vendors said that the deal was only for smaller amounts, and if people are not happy with the rates, they can go to the bank.

Also read | History of demonetisation: When Morarji Desai government ceased Rs 500, Rs 1000 and Rs 10,000 notes

People were seen to be taking those deals, in spite of heavy charges, as they did not want to go to the bank because of the hassle, as well as lack of time. A person told IE, “I came here for two days from Ranchi with about Rs 10,000 in hand. Now the hotel is refusing to clear my bills till I get Rs 100 notes. I’ve got Rs 2,000 exchanged for Rs 1,300.”

Meanwhile a businessman said, “I have been surveying the market for the last one hour. They’re mostly offering Rs 300 or Rs 350 for Rs 500 but I finally got Rs 470 for one Rs 500 note from a man who wanted to help me out.”

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