irendrasingh Ghunawat | Headlines Today | Mumbai, February 7, 2014 | UPDATED 17:03 IST
A sting operation by the India Today Online exposes how a gang of black marketeers is openly selling the currency notes right outside RBI building. The gang also offers to purchase pre-2005 currency at some exchange rate.
A gang of 10-15 members, especially led by women are operating right in the lane which goes towards Syndicate Bank - opposite RBI's old head office. The gang members makes a entry at 10.30 am (the time when RBI also opens its cash exchange counter) and exit by 4 pm - booking a good turnover of Rs.10-20 lakhs per day.
Shockingly, the CCTV cameras placed outside the RBI building do not capture a single movement of this lane. Even the security guards of RBI - who do not waste a single moment to forcefully stop the photographer and media cameraman to do any video shoot within the range of 100 metres of RBI building (no idea, for what reason), hardly bother what is happening in that lane - which is just 50 metres away.
The current rate list in this open illegal currency exchange market (on street) goes like this:
- Commission of 5 - 10 per cent to exchange pre-2005 banknotes with new ones (printed after 2005)
- Commission of 3-5 per cent to exchange old banknotes with new fresh bundles (RIM) of Rs.10, Rs.20 or Rs.50
- Commission of 15 per cent to exchange old banknotes with the sealed pack of coins (Rs.5 or Rs.10)
- Commission of minimum 7-8 per cent to exchange pre-2005 banknotes with fresh bundles of Rs.10, Rs.20 and Rs.50.
Fact remains, getting coins are quite costly than currency notes - whopping, a commission of 15 per cent. No wonder, coins are required at every nooks and corners of this maximum city, starting from BEST Bus, paanwala shop, autowalas, ticket counters, retail shops, restaurants, and so on.
These black marketeers are dealing with all size of black money - stashed at client's office or residence (those holding pre-2005 notes). Special service is being provided to such customers within an hour.
First, they would meet the client, get the list of old money stashed (like, how much bundles of Rs.10, Rs.50, Rs.100, Rs.500 or Rs.1000), check the quality of banknotes, and within an hour they would deliver the new banknotes (printed post-2005) by giving a good discount on the commission rates.
These black marketeers are likely to increase the commission rate to 10 per cent on the exchange of pre-2005 notes by April 2014 - which is also the deadline of RBI. In its advisory, RBI had said, "From April 1, 2014, the public will be required to approach banks for exchanging these notes."
Few important issues here: one, there is no doubt that these black marketeers are getting complete support from RBI employees working within the head office, in running this illegal business on the street.
Pappu, one of the senior members of this gang, who got exclusively captured on spy camera, admits that, they get all these new currency notes from the bank and not from any merchants (who also do similar commission based business). "We have a complete setting inside...nothing could stop us. In fact, I am a license holder. I could carry currency notes to any place in the city and state," said Pappu (may be not his real name).
Local individuals like, security guards, paanwallas, car parking walla, drivers and bank employees (at lower level) who comes out for regular tea n snacks before, in middle or after the duty hours in that lane - are the supporting pillars of this gang. Beside RBI, atleast a dozen different public and private banks have its offices/branches/ATMs around.
Interestingly, these gang members hide their bundles of new banknotes (also said RIM) in two-wheelers parked in that lane. We captured a couple - who were hiding at least 10-15 bundles of banknotes in their bike seat.
Second, important issue here - which RBI needs to investigate is, that the new currency notes (RIM) are coming straight from RBI counters. While conducting this sting operation, our team got in hand a fresh new bundle of Rs.10, which was printed in BRBNMPL, Mysore. BRBNMPL was established by RBI as its wholly owned subsidiary with a view to augmenting the production of bank notes in India to enable the RBI to bridge the gap between the supply and demand for bank notes in the country.
RBI needs to check - whether those individuals who enters RBI (at 10.30 am) to collect Rs.10, Rs.20 or coins of Rs.5 (which has a limit of Rs.3,500 per person till next 15 days) from RBI ticket counters - are the part of this network. In fact, a senior citizen (in 80s) was captured on camera handing over the fresh RIMs to the gang members, in that lane.
Local traders in south Mumbai are the most affected. Ashok Patel, president, The Fort Merchant Welfare Association said, "number of times, we had complained to RBI about the black marketing of currency happening on the street. It's a business in crores. Traders are suffering - on bank counters we do not get much coins and bank notes (like Rs.10 or Rs.20), but to serve our retail customers, we have to get these currencies from these blackmarketeers paying huge commission - which is unwanted." Patel has complained about it to the Central Bureau of Investigation (CBI) to investigate it.
A detailed set of queries had been sent to RBI - seeking RBI's perspective. The spokesperson of RBI replied, "Thanks, we need some time to respond."
But off the record, RBI officials speaking to India Today Online have made it clear that there is no act or rule in Indian banking sector to regulate or control selling of currency notes in outside world. "Our security guards and CCTV cameras at the RBI building is to secure our own property and not to keep a vigil on public lane or any shady activities taking place on any street."
"In fact, we would appeal the Mumbaikars and people in other cities not to approach such blackmarketeers or merchants to exchange their old banknotes on commission basis. RBI has created a system in banking sector to exchange old notes and get the new ones (including coins) from RBI or any other chest banks," said the RBI official.
So, whether this open money market right outside RBI building is legal or illegal - is itself a question mark, in short - could not be stopped legally, as of now. But yes, it has opened another door for all those Indians who want to exchange their stashed pre-2005 banknotes (may be black money) at their residences and offices.
Source: India Today
(Click on the link to see the pictures)
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