It is well past December 30th, 2016 and the historic move of demonetization is moving to the next stage. On January 1st, Reserve Bank of India (RBI) opened a new deposit window for non-resident Indian (NRI) who were staying abroad between the demonetization period. NRI can deposit their demonetized currency notes of Rs. 500 & Rs. 1000 at this special deposit window.
RBI has promised no monetary limit for the exchange of old currency notes for NRI. Seeing a clear opportunity, a few corrupt babus are welcoming NRI in a grand fashion at Indira Gandhi International Airport, Delhi. CAs associated with big business firms are likely to follow these babus.
An NRI from Uganda was dumbstruck to get such a grand welcome in India. He was emotional on witnessing this kind of reception. Babus escorted him till his home in Chandni Chowk. Reports reveal that the NRI was offered a commission of 20% for exchanging their old currency notes.
Years back, a poor man from Delhi went to Somalia. Until now he was poor and in need of help. Desperate babus tracked him down and offered him a return ticket to Delhi. In exchange of courtesy, this NRI from Somalia agreed to exchange their currency notes for a price.
On the other hand, several independent Chartered Accountants are facing more job-related stress than bank employees. They are receiving thousands of request a day to find a way to convert black money into white. CAs have sought a blueprint from such corrupt babus on how to lure an NRI.
As soon as an NRI from London landed in Delhi airport, he hesitantly rushed to RBI. The corrupt babus tried to approach this gentleman. It was later found that he himself had lots of unaccounted money to be exchanged. Meanwhile, another NRI from Canada threatened to register a complaint against such corrupt babus. To his surprise, babus remained thick-skinned and shrugged him off to welcome the other NRI.
The government is being heavily criticized for demonetization. Both the government and RBI are working in tandem to eliminate such illegal activities. Income Tax officials are put on high alert. The efforts by these agencies are yielding good results. Several raids and seizures have taken place. Amidst all these, corrupt babus have found their own unique way of converting their black money into white.
Several names of prominent leaders of political parties are coming up in this game of exchange. Such leaders and corrupt babus have maintained an amicable relationship until now. In a time when the whole country is geared up for a clean-up exercise, it shall be a sweet wait to witness the break of such a friendly bond.