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LATEST NEWS UPDATES | 13 Ways In Which Indians Will Convert Their Black Money Into White Even After Demonetisation -Shivam Vij

13 Ways In Which Indians Will Convert Their Black Money Into White Even After Demonetisation -Shivam Vij

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published Published on Nov 14, 2016   modified Modified on Nov 14, 2016
-HuffingtonPost.com

As the poor struggle, black money owners are finding a variety of ways to save their wealth.

In Pali in Rajasthan, a family couldn't take their ill infant to the hospital because the ambulance wouldn't accept Rs 500 or 1,000 notes. By the time they could get someone to give them Rs 100 notes, the newborn had died. This is one of several such deaths after the government de-legalised Rs 500 and Rs 1000 bank notes.

All deaths have been of people belonging to middle class and poor families. There have been no reports of black money hoarders committing suicide or dying of heart attacks due to the sudden shock of realising their cash had become worthless paper overnight.

That's because, firstly, people with black money keep very little of it in cash. They find many ways of converting it into white and holding on to it in a variety of assets. The best known of these is real estate, but there's also gold, foreign currency, foreign banks, benami accounts in Indian banks, the stock market and regular commercial enterprise.

An analysis of illegal wealth uncovered by the income tax department shows that at best, only 6% of illegal wealth is stored in the form of black money. Most of them will be able to save even this cash, it seems, given how frantically India is Googling for "How to convert black money into white" and the top searches are from Gujarat. Here are 13 ways in which such people are succeeding:

Please click here to read more.

HuffingtonPost.com, 14 November, 2016, http://www.huffingtonpost.in/2016/11/13/13-ways-in-which-indians-will-convert-their-black-money-into-whi/


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