Hacks Hoarders are Using to Convert Black Money into WhiteMoney

Hacks Hoarders are Using to Convert Black Money into White


Nearly six days after Prime Minister Narendra Modi announced demonetising of Rs 500 and Rs 1000 notes, millions of anxious people are still mobbing banks across various cities. You can still see long queues outside banks and ATMs. Though it is a laudable move, because of the cash crush there is chaos and inconveniences everywhere to buy even simple daily essentials. Even the places which were supposed to accept old notes seem to refuse as there is a lack of change everywhere.
“People might face problems initially but in the medium to long run they would definitely benefit from the move. It is only those with large amounts of undisclosed money who will have to face the consequences under existing laws,” the government earlier said. This move may have caused inconveniences to masses, but is being lauded mostly as a great move to check black money integration in Indian economy. However, it is the black money holders who seem to be having sleepless nights figuring out ways to escape from this surgical strike. Some of them, desperate to palm off undisclosed cash have sought innovative ways to hide their money from tax inspector. We spoke to few Chartered Accountants, who revealed these hacks that are apparently being used by black money hoarders.

(All images: Indiatimes)

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