Every hour Rs 1 crore black turns white

New Delhi: You may be standing in bank and ATM queues to lay your hand on few of them, but for few changing 1 crore rupees takes just an hour. For some, exchanging notes is child's play  

People involved in the illegal exchange can change your crores in old notes into new in just matter of hours, and that too in any part of country. Illegal exchange is flourishing after the note ban. Those involved in the business have become overnight crorepatis in just over a month.  

The network of illegal exchangers is spread across the country and they do this for a hefty commission

"If you have Rs 1 crore in cash, we can exchange it in one hour, anywhere in the country," said one young man, who claimed to be part of the gang." You will have to pay a huge commission," he added

The exchange network works on referrals. That is, you can get your cash exchanged only if you are referred by gang's clients. That's a precaution to avoid law." Ican change up to Rs 5 crore in day, just that you have to be referred by someone who has already exchanged the money," he said.

The going commission is 10%. That is, you get Rs 90 lakh in new currency, if you give Rs 1 crore in old notes.

This exchanger is a small fry.The gang is well connected. Many bank officials are suspected to be part of this gang, it is they who supply new notes.

Those who are part of this exchange racket claim that managers and cashiers of many private and state-run bank branches are part of the gang. Already many bank officials have been caught by the CBI and ED.

Another member of the gang is open about involvement of bank staff."It's not just one bank or branch, or one state from which we are getting the new currency. It's not only the private banks, government banks are involved too. How will we get the new currency otherwise?," he said. The bank employees get a cut too.

The illegal money exchangers are upbeat as the December 30 deadline comes closer. "The commission will go up, may be to 15%, as the demand will increase," the second exchanger said. (News24Bureau)