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In Zaveri Bazar and Chandni chowk, you can exchange Rs 1,000 for Rs 600

The businessman would deposit money with the banker and then take back 80% of the money after some time with the balance 20% remaining with the banker as a facilitation fee.

Topics
Black Money

BS Reporter  |  New Delhi 

While the country is still grappling with this new problem of Rs 1000 and Rs 500 notes being banned, the really resourceful and imaginative businessmen have already planned their moves. Bankers in the Fort area of Mumbai, India’s financial capital, have confirmed receiving calls for converting old currency with new one in due course, with a nice cut for them thrown in.

In the calls made to the bankers, a flat twenty per cent cut was offered to a banker who did not wish to be named for getting the notes exchanged in due course. The modus operandi: The businessman would ...

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First Published: Thu, November 10 2016. 08:34 IST
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