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Any idea how black money hoarders were able to exchange their bills? I have heard stories like recruiting poor people to exchange cash with max allowed but stil
by sytelus 8y ago
Any idea how black money hoarders were able to exchange their bills? I have heard stories like recruiting poor people to exchange cash with max allowed but still given the amount of such money in India this doesn’t sound scalable. I also think govt actually had pretty good set of rules to avoid this. Were there any other loophole they found out?
- Karupan 8y agoI wasn't in India when it happened, but from what I've heard, bank employees were bribed directly (my dad is a retired bank employee). They took a 30% share for converting illegal money to new currency and kept it off the records. That's also one of the reasons why the supply of new bills didn't actually reach the common man. As always, humans are the weakest link and can be exploited quite easily.