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In Kashmir black becomes white in a jiffy 11/20/2016 10:53:13 PM Majid Nabi Early Times Report Srinagar, Nov 20: Even if the central government in order to weed out black money menace from India demonetized notes with higher denomination, people in Kashmir valley were exchanging surplus money worth crores in banks with ease. Reliable sources said that people having surplus amount preserved at their homes have been using their relatives and friends bank accounts to convert their black money into white. They said that people who need to exchange money have to go through a simple procedure by revealing their identity before depositing the amount. They said that there is no accountability in banks nor people who come to deposit or exchange money are being questioned. "I recently deposited rupees twenty lakhs in a local bank after one of my close relative insisted me to deposit his money he had preserved at home, I initially deposited rupees 2.5 lakh in my saving banks account and after few days deposited rupees five lakh in two other accounts of my family," said a person wishing not to be named. He said that rest of thirteen lakhs were deposited similarly by adopting the same trick. He added converting black money into white is so easy even if the government took such firm step. "Look there is no way out to convert black money into white without using this very trick, people having black money have been exchanging money by depositing it into relatives' and friends' bank accounts," he added. The situation in other districts is no different as the people having already preserved high denomination notes including that of five hundred and one thousand are using same method. "I wonder as to how people gather courage to deposit their black money into their relatives' accounts, there is no accountability in banks. It is really so easy for rich people, while poor has to run from pillar to post," said an elderly person waiting in queue outside an ATM here.   Share This News with Your Friends on Social Network     Comment on this Story

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