All the common people are being threatened by the government that if they deposit more than 2.5 lakh rupees, one will have to pay a penalty of 200%. So this means they should not deposit their money. For ex. if anyone have Rs 10 crores black money, he have to pay a tax of 30%, 60% penalty - so definitely he will lose 90%. Of the 10 crores. He only get 1 crore back. Not a single person will ever go to bank to deposit this huge amount and willing to lose 90% of his money.
So a new idea come in, i.e. they are buying gold , buying dollars ( 68/- is official rate and 116/- is the price against black money ), property and so on...
And this black money is now just rotating hands, but not coming into the economy.
Now, the person who will sell his dollar, gold and has to convert the old 500 and 1000 rupee notes, will go to new person who will give Rs 2000/- notes against a commission of 40 to 50 % .
Effectively, not even a single rupee of black money has come into the system, the black money has just changed hands
So a new idea come in, i.e. they are buying gold , buying dollars ( 68/- is official rate and 116/- is the price against black money ), property and so on...
And this black money is now just rotating hands, but not coming into the economy.
Now, the person who will sell his dollar, gold and has to convert the old 500 and 1000 rupee notes, will go to new person who will give Rs 2000/- notes against a commission of 40 to 50 % .
Effectively, not even a single rupee of black money has come into the system, the black money has just changed hands
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