Bengaluru: This Is How You Can Convert Your Black Money To White Using Demand Drafts

Written By : Saicharan Palakurthi

After Prime Minister Narendra Modi’s historical take of demonetization, we believed that every big shot throughout the country will be cornered and all the black money holders will be shackled. But what happened thereafter is known to everyone, people always keep finding an alternative door, if not they’ll dig holes to breathe in.

Though the central government made several moves on the restricting the circulation of black money those moves were firmly dropped down by peoples’ tactics.

Conversion through gold purchase, booking and cancellation techniques, distributing lump sums of money, all these were put to an end. People are running after Demand Drafts now, certain cases were registered in silicon city ‘Bengaluru’.

Sources claim that the prominent Central Bank of India in the city was traced after the director of Omkar Parimal Mandir, S.Gopal, along with his son Ashwin Sunku ordered 149 demand drafts worth 70 lakhs from the bank.

As per the reports the Central Bank issued the DDs’ by the name of MS Bajaj Finance Limited. Both father and son paid the huge amount of demand drafts in old currency, in hard cash and were granted new currency after the bank cancelled the demand drafts.

The rules regarding the payments through demand drafts include “the amount in the demand drafts can be paid either from cash or from the transfer (cheque) and the cash limit for depositing amount in demand draft is Rs. 50,000”.

After the hideous interrogation, both Gopal and Ashwin were arrested by CBI along with the senior manager of bank Lakshmi Narayan. CBI states that this illegal conversion would not have been possible without the cooperation of Mr.Narayan.

 

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