Visakhapatnam: Those having black money are finding new ways to make it white. Since bank deposits exceeding Rs 2.5 lakh come under the income-tax scanner, those having black money are on the lookout for those having loans less than five lakhs against property, vehicles and jewelry.
Offers are being made to take the money, pay the loan and repay the amount over a year or so without paying any interest.
Black money holders are only looking at trusted relatives and friends for these transactions. Banks are also worried that they may lose business if loans are closed suddenly.
Such loan closures and related inquiries were more in rural areas. “Other than those who queued up to exchange money and deposit it in their bank accounts, there have been at least ten walk-ins since morning, inquiring about loan closure as they have some cash with them. Around six loans have also been closed. Other than campaigning for deposits we also look for good parties having repayment capacity to issue loans which is part of business. If everyone starts closing their accounts it will be a business loss and I may fall short of my target,” said the manager of a public sector bank at Anakapalle.
There has been a sudden demand to open current accounts also as the limits vary with savings accounts. “I pledged some gold jewellery and took a loan. The money I gave a couple of friends at a higher interest so that I can pocket the difference. Now, those friends have given back the money and I am ready to close the loan and get my gold back,” a person at a bank in Siripuram.
