Bengaluru, Nov 14: After Prime Minister Narendra Modi announced that Rs 500 and Rs 1000 will be scrapped with effect from Tuesday (Nov 7) midnight, a lot of people panicked, especially those who had hoarded black money.
Soon after the announcement, 'How to convert black money into white money' became the most popular searches on Google India. OneIndia did a quick search on Google and found that there were several websites that offered 'tips' to convert black money into white.
Gujarat topped the list from where most queries on the conversion emerged, followed by Maharashtra and Haryana.
According to a website, moneyexcel.com, there were ten listed ways one could convert black money into white money. However, the author clearly mentions that the ways are listed to expose how people convert their black money. The author goes on to say that these ways expose the loophole of our system and hopes that the RBI and the government formulate strict rules to eradicate black money.
According to the website, here are ways how you could convert your black money into white money:
By showing donations to charities and trusts: People often create trusts and bogus organisations of their own and show a donation made to these bodies. They do this to show that they have made a donation, which on paper is white money.
By showing argicultural income: If people posses a piece of land and show that they use it for agricultural purposes, like plantation and nursery, they are most likely to escape the income tax nets.
By showing sale of gold ornaments: People often use to route if they know a jeweller well. You can submit the amount say Rs X to the jeweller. The jeweller will issue a receipt for the same stating that you have sold gold worth Rs X and will later make a payment in cheque to the individual.
By showing black money as a gift: Another popular method that people use to convert black money into white is to show it as a gift from a relative. If you have Rs Y as black money and your relative too has the same amount, he/she will issue a check to you for Rs Y and you can give him/her the amount in black.