danger007
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And yet ,they do.
The conversion of money to gold is now costing a minimum 30% premium. That is for the middle and upper middle classes.
The ones who require conversion of hundreds of crores are not able to find gold in such quantities and sellers willing to sell in kilograms.
The avenues of conversion to real estate and this stage are practically zero. No one is selling his property and accepting old notes now.
As I said, even if they route their money to gold and dollars, the premiums are such that their hoardings lose value of a minimum of 30%.
What they are doing is finding bankrupt companies and transfering money to them. Even if they do that, that money enters the formal channels instead of becoming black money. It would henceforth become traceable.
Apart political parties a few people can store such large amount. Hmm