Aam Aadmi waiting, while 'change' agents converting Rs 1 crore in 1 hour

MUMBAI: Crores of people may still be spending hours queuing up before banks to withdraw their few thousands, but for a few, exchanging their crores don't require breaking a sweat.

Illegal exchange of demonetised currency notes is rampant and the people involved in the trade say they have agents across the country who can get you the newly minted notes in a matter of hours. The commission they take, of course, is steep.Future & Option Trading Tips



ET spoke to a number of people in the trade of exchanging old notes with new. "If you have Rs 1 crore in cash, we can exchange it in one hour, anywhere in the country," said Jiten, one of the people claimed to have been involved in the trade. "Of course, you would have to pay a commission."


Jiten said he can exchange up to Rs 5 crore a day — but with a condition. "You have to be referred to us by someone who has already exchanged the money," he said.  Financial Astrology Tips



The commission is currently 10%. That is, if you exchange Rs 1 crore of old notes of Rs 1,000 and Rs 500, you will have to forgo Rs 10 lakh.

Jiten is just a cog in what is a large wheel, said people in the trade and those who know about it. There are many people active in several parts of the country, and in many cases, fingers are being pointed at bankers for supplying them with new notes. Astrology and Numerology Trading Tips

While banks are claiming that they are being unfairly targeted, those in the trade laugh it off, saying that managers to cashiers at many bank branches, both private and state-run, are part of the racket. There have been several cases where bankers have been booked for diverting funds and laundering black money for private gains. Stock Market Astrology Tips