Black money holders suffered ‘substantial’ loss in conversion

Epic Indian Rupee Update

The lower middle class and rural population may have been the worst hit by demonetisation, but black money holders too suffered in the process, says the Survey.

It concedes that there was heavy laundering of money by those with undisclosed wealth, using schemes like back dated receipts among others.

“In all these cases, black money holders still suffered a substantial loss, in taxes or “conversion fees”. Moreover, bank accounts are still being screened for suspicious transactions, which means that those who engaged in laundering run the risk of punitive taxes and prosecution, in addition to the fees or taxes already paid,” the Survey noted.
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