Rahul Mehta Gandhinagar LsCandidate

How to convert Rs 500 notes into Rs 100 notes now
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Any person whose income is below Rs 200,000 per year can deposit remainder amount and face no tax or any problem.So using such persons, a person who has huge cash can convert all his money into new notes.
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eg say a person X has Rs 1 crore in Rs 500 notes
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Say Y's annual income is Rs 80000 .
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The X can give Rs 100,000 of Rs 500 notes to Y , and ask Y to go to bank, deposit these Rs 500 notes, and ask Y to withdraw Rs 100,000 in Rs 100 notes. And ask Y to give those Rs 100 notes to X. Y may give some commission to X.
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Now Y can say that he earned Rs 180,000 and there will be NO tax or even inquiry on him !!!
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So basically, X has to find 100 such Y. It isnt easy, but NOT impossible,
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Now, X doesnt need to trust Y
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X can ask Y to first get Rs 10000 in Rs 100 notes. Then X can give Rs 11000 in Rs 500 notes right away - spot transaction, no trust needed. Y deposits Rs 11000 of Rs 500 notes in bak, which is legl, and withdraws it next day Rs 100 notes, which is again legeal. And he can execute this deal 10 times.
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OR, X can borrow Rs 100,000 against his FDs or gold etc for 1 day. And he can withdraw Rs 100,000 worth currency notes of Rs 100.
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IOW, there are several ways to have spot transactions, which dont need trust
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So total reduction in black money will not be much.
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Anyway, I do NOT oppose this step. NaMo wants to take this --- let him take this step. It is small cost on nation. And I dont believe opposing steps which cause small cost.