The government has appealed to people to not indulge in such kind of money exchange
The income tax department is tracking operations of money changers known to convert large amounts of unaccounted cash.
With the government banning Rs 500 and Rs 1,000 notes from Tuesday night, people with black money are trying to have their existing currency notes converted into new ones through money changers.
A tax official said these operators charged a 10-15% fee for exchanging the old notes using multiple bank accounts.
Some money changers operating just behind the Reserve Bank of India (RBI) building in Mumbai’s Fort area said they would charge a 15% fee to convert Rs 1 crore by Thursday afternoon. Asked how they would receive their new currency notes, they said they had their own arrangements.
“Several currency suppliers are hand-in-glove with bullion traders while others deal with bank officials,” the tax official explained. In some cases, these were chartered accountants who laundered money for their clients, he added.
The government has allowed people to exchange old notes at banks and post offices till December 30. The daily limit is Rs 4,000 between November 10 and November 24 and it will be raised thereafter.
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