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Money launderers have found another escape route-- oil oulets

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Published on 1 Dec 2016 7:49 AM GMT

Money launderers have found another escape route-- oil oulets
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New Delhi: Money launderers who were using exemption in the tax law granted to the people of the north -east and the Jandhan Yojna to convert black money into white have discovered a new escape route. The new areas of their operation are oil outlets which are flung far and wide.

The development has come to the notice of the government as well and it is putting this field on the radar in addition to deposits in banks in the north-eastern part of the state and the zero balance Jandhan scheme launched mainly for the poor, according to official sources here on Thursday.

These outlets have been allowed to accept old demonetised notes of the value of Rs 500 and Rs 1000 and the facility will continue till Friday ( tomorrow). Some other utility services can be also availed by paying through banned notes but the money launderers have opted for this because their size and locations. Detailed scrutiny of deposits made by owners of petrol pumps may lead to some startling disclosures,

Nearly half of the banned notes have been returned to different banks and arrangements are being made to destroy them. The sources said there is no dearth of shredding and briquetting machines which are used for the purpose. The soiled notes will be reduced to pulp and then shaped by these machines as bricks to be used as industrial fuel.

The process is not new, nor has it been done for the first time. The Reserve Bank of India gets involved in it almost every month. Of course, there will be considerable increase in the volume this time because banned notes account for 84 per cent of the total currency note circulation in the country.

Meanwhile, the government has constituted a 13-member committee headed by Andhra Pradesh chief minister Chandrababu Naidu to suggest ways and means to speed up the march towards less-cash society which is the ultimate aim. The initiative in this regard was taken by the Niti Ayog headed by Arvind Panagaria.

The government has also taken some other measures, according to these sources, to popularise the scheme, especially in the rural areas. Teams of official have been formed for the purpose which will also clear the doubts in the minds of those who are opposed to the proposal.

Also read: Petrol gets dearer by 13 paise; diesel turns cheaper by 12 paise

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