Following the Indian government’s shock decision to withdraw 86 per cent of India’s currency from circulation there were some fun options available for those who wanted to swap out their old notes without attracting official attention — you know, the kind of attention that was the reason for the move in the first place.
Of course, you can go too far:
Some Indians are being too clever by half. A divorced man who had defied the courts by refusing alimony to his wife was seized with a new respect for the law and offered to pay her the arrears – in the banned currency notes. The judge threw him in jail until he paid in the new notes.
But even if you stay within the bounds of laundering sanity, your window to take up some of the less ludicrous options has basically shut since the government is saying that over-the-counter exchanges are closed for now. You can still swap your notes at the central bank up to a value of Rs2000, or deposit them in your account until the end of the year, but we reckon the willingness of people to take these notes even at a discount to face value or via a premium for the product they’re selling must be starting to fall.
Still though, we may be wrong and, heck, maybe you can still squeeze more into poorer people’s bank accounts on your behalf. From CLSA:
Note, Bitcoin isn’t mentioned. And it probably should be.
While here are the limited number of places you can still use the Rs500 note for transactions until Dec 15.
Very related links:
For the first time in India, the rich beg the poor to help them – SMH
Demonetisation: Last fortnight, over 30 times surge in Jan Dhan deposits; maximum from Bengal and Karnataka – Indian Express
p.s. the featured image on the this post, visible on home page, is from the RBI’s now slightly out of date currency jigsaw game. We assume they’ll update it once they stop accepting the old notes?
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