Raking in moolah: Touts allure people to exchange old currency

Source: The Hitavada      Date: 13 Nov 2016 10:12:36

By Ashish Rajput,

Police are keeping an eye on the situation and providing security near banks and ATMs to residents

Government’s tough stand to get rid of black money leads to emergence of touts and middlemen who are offering conversion of unaccounted money against hefty commission. Middlemen are trying to take advantage of helplessness of residents for replacing their high denomination currency notes. Now-a-days, a large number of residents are starting their routine life with standing in long queues in front of banks and ATMs while some of them opting easy measure to change their outdated currency with low denomination notes against commission.
On the other hand, many people who have unaccounted currency are still trying to find a way to convert their money with new currency which gave an opportunity to miscreants to make money.
Some people were found at market places offering conversion of old currency notes against commission from 20 per cent to 50 per cent. The situation is vulnerable to increase financial crime in the name of converting old currency notes.
Superintendent of Police Dr Ashis while talking to ‘The Hitavada’ said, “There is possibility of touts taking advantage of the situation and alluring residents to provide easy way to exchange their notes against commission.
Residents should be aware and must avoid such illegal practices and evading attempt of touts for safety of their hard earned money. SP Dr Ashis informed that police have not yet received any complaints against illegal practice of exchanging unaccounted money with new currency notes. Police are keeping an eye on the situation and providing security near banks and ATMs to residents to avoid any untoward incident. Residents need to contact their nearest police station in case if they find any person trying to allure them to exchange old currency for commission and become a victim of forgery.