Has Modi’s plan of fighting corruption and black money failed? Well, the recent incidents prove that black money holders aren’t affected by this ban. Yes, they are stashing black money in the form of new currency and overall, around Rs 159 crores has been found till now.
General public is facing difficulties due to this move because ATM’s and banks are facing cash crunch; ever wondered where is this money going?
In this article, we shall discuss top 10 cases out of 61 cases that have come to light & you will get all answers to your queries. Although PM is trying hard to fight black money, opposition parties are criticizing the move, because of black money cases that are popping out even after demonetization.
Common man is suffering to get his hard earned money, but politicians on the other hand are enjoying a good stock of new currency even without putting slightest of efforts. We present before you a database, compiled from the reports of various media houses.
Around Rs 159 crores has been found; isn’t the PM watching all this?
1) Chennai IT raids!
Post demonetization, around 100 kgs of gold and Rs 90 crore cash was seized from Chennai raids across 8 places. Out of 90 crores, Rs 70 crores was in new currency. These raids were carried out in the shops of 8 jewelers and in the homes and offices of 3 renowned businessmen Prem, Srinivas Reddy and Shekhar Reddy.
Around 24 crores in new currency was seized from Vellore!
Income Tax department seizes Rs 24 crore cash in new currency from Vellore, reports PTI
— The Times Of India (@timesofindia) December 10, 2016
2) 24 crores in Vellore.
Income Tax Officials seized Rs 24 crores from a Tata Ace van in Vellore.
3) 75 kgs of gold and 8 crores in new currency in Chennai!
Sources say tax dept seizes 75 kgs of gold, Rs 8 crore in new currency & Rs 60 crore in old notes in Chennai#CNBCTV18Exclusive pic.twitter.com/hZVye5zHSi
— CNBC-TV18 (@CNBCTV18Live) December 8, 2016
4) 7.5 crores in new Rs 2000 notes!
A mini-van was seized by the Election commission in Thanjavur district. It had currency worth Rs 7.5 crores, in new Rs 2,000 notes, which were yet to be released. Sources said that the money belonged to Bank of Baroda.
5) Rs 5.7 crores in new notes in secret bathroom chamber in Karnataka!
I-T dept seizes Rs 5.7 cr in new notes, Rs 90 lakh in old ones, 32 kg in bullion from 'secret bathroom chamber' of #HawalaDealer in K'taka
— Press Trust of India (@PTI_News) December 10, 2016
6) Rs 5.63 crores diverted to ATM servicing company!
CBI arrested 2 individuals who diverted Rs 5.63 crores in new currency to an ATM servicing company, in conspiracy with bank.
7) Rs 4.7 crores in new currency and gold!
Investigation Directorate of Income Tax Department conducted a search operation in Bengaluru and found around Rs 5 crores in new currency and gold worth Rs 2 crores.
8) Rs 3.5 crores from bank managers of Axis Bank
2 managers from Axis bank’s Kashmere Gate were arrested, as they helped people convert black money worth Rs 3.5 crores into white.
9) 2.5 crores from Delhi Law firm!
Delhi Police and IT officials raided a law firm in Delhi and seized around Rs 13.56 crores, out of which Rs 2.5 crores was in new currency.
10) Rs 1.5 crores in Goa!
Over Rs 1.75 crore were seized and eight people were arrested in raids at different places by the police and the CBI on Wednesday. The Goa police arrested two people and seized Rs.1.5 crores in new currency notes during raids in Ponda and Porvorim.
Looking at the database, we can see that Rs 159 crores were unearthed. Now, if this would have been available with banks, around 66, 615 cheque withdrawals could have been possible, 31, 975 withdrawals from current accounts could have been possible, 6,39,506 ATM withdrawals could have been made and finally 6,395 families could have enjoyed happy-weddings.
So imagine, Rs 159 crores in new currency notes are already recovered by the government, but there are high chances of more black money being stashed in people’s houses/offices, which the government is not aware of.
Rs 159 crore that has been recovered till now must be hardly 1% of total amount that has been hidden in houses/offices. For sure, more than 100s and 1000s of crore currency is still hidden in houses/offices of such people! This is the reason why money isn’t reaching the ATMs and we are facing cash crunch, did you get the point? Banks are replacing currency even before the money is reaching the ATMs, so it is but obvious that people like us would face the brunt of this shortage.
