The aam aadmi is still contending with the woes of demonetisation while hoarders turn to god instead! religious institutions, real estate contractors, helpful relatives and co-operative societies are all in high demand as politicians and businessmen do whatever it takes to hide away their ill-gotten wealth. why are the masses being made to pay for the misdeeds of a few.
Bengaluru’s experience was no better on day seven after demonetisation of the Rs 500 and Rs 1,000 notes as although the Reserve Bank and the Union government had promised increased liquidity, there was little sign of it.
Most had to wait in long queues for around two to three hours to exchange Rs 4,500 for the new currency or deposit their money into their bank accounts.
“The queue starts at around 8 am. Even if we come 10 minutes late we need to wait for two to three hours. I have had to take leave to be here,” said Ms. Soujanya Rao, a techie with an MNC near Electronic City. “Debit cards can’t be used in the grocery store near your home and your maid will not accept the old Rs 500 or Rs 1,000 notes. The working class is the wo't hit,” she complained.
Meanwhile, going by bank officials, many of those in the queues are exchanging notes or depositing money for others with black money. “It is sad that a few are using the situation for their own gain. The police needs to intervene,” said one officer. While banks have their hands full, many post offices in the city too are working overtime to cater to their customers.
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“Every post office is working more hours than banks. While banks have ATMs, we have none for our customers, who are mostly poor. So we are under greater pressure,” explained one staffer at a post office.
Contractors, co-ops, relatives sanitising black money
Real estate contractors and co-operative societies and banks are in huge demand among black money hoarders looking to sanitise it. Highly placed sources say the quantum of fixed deposits in cooperative societies and banks has increased in leaps and bounds over the last few days with black money hoarders – mostly politicians and businessmen - making FDs in their relatives’ names. The deposits are antedated at least 10 to 15 days prior to the demonisation of the Rs 500 and Rs 1000 notes and the bonds issued by the co-operative societies as a guarantee against them are pocketed by the hoarders, sources explain.
Real estate and Class One contractors with government agencies like BBMP and PWD are also reportedly being tapped by the hoarders as each of these contractors can easily produce accounts for at least Rs 10 crore, showing antedated bills for steel, cement, payment of labours and so on.
Some left with huge sums of cash they are finding hard to explain, are reportedly even making donations to religious maths, which don’t need to show their source of income. “This is a safe bet for politicians. Some maths get a share or cut,” said sources.
