Rahul Mehta Gandhinagar LsCandidate

(1) How CAs are converting old notes into gold or white cash using loan agreements on stamp paper and advance cheques
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(2) semi-confirmed news - one eliteman in Ahmedabad, who is somewhere between top 50 and top 100 richest Indians, converted Rs 600 crores of old cash into new cash / gold !!!! How? See later.
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(3) All in all, poor are gaining some. elitemen are loosing 20% of their cash. They are losing some 10% to poor, 2% to 3% Govt and some 7% to touts. In some cases, poor gain only 2% to 3%, and eliteman loses only 5% and govt gains only 2% !!!
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(4) The real solution is to put ALL land ownership data on GoI website and also put data on DVDs and sell DVDs to public.
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(1) How CAs are converting old notes into gold or white cash using loan agreements on stamp paper and advance cheques

(a) Say Rich has Rs 1 crore
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(b) He finds 50 poor (or 10 poor with 5 family members)
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(c) Say one poor is named Poor
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(d) The Rich gives Rs 200,000 to Poor (Rs 300,000 if age above 60 years and Rs 400,000 if age is above 80 years)
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(e) The Poor has to sign on stamp paper that he got cash loan of Rs 300,000 (50% higher amount then actual cash given) from Rich in Rs 100 notes on 11-nov-2016 (actual date), and he promises to repay with 10% annual interest. The agreement is on signed stamp papers
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(f) The Rich takes signed advance cheques from Poor of same amount
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(g.1) Poor deposits cash of Rs 200,000 in Rs 500 notes in his bank account and buys gold and gives gold to Rich. The Rich then destroys stamp paper.Rich gives some extra Rs 5000 to Rs 1000 to Poor.
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(g.2) OR , Poor has to exchange Rs 200,000 at 50 places and give new notes to Rich, and then Rich destroys stamp paper !!!
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(8) Protection - If poor refuses to pay, then the Rich can drag him to court and file section-138 case of cheque bounce. And Poor will suffer more. And Rich will also suffer, but he has already written 50% more amount on the stamp paper !!! So best deal for Rich and Poor is to keep the nefarious agreement.
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Tax on poor = Rs 0
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Tax on gold = Rs 2000
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Tax on exchange at 50 places = Rs 0
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The Rich lost some 10% to Poor and may be 5% to tout who manages so many Poor
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(2) How the eliteman in Ahmedabad converted his Rs 600 crore of cash into new notes and gold.
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(a) The elitemen runs several NGOs who give loans to 1000s of poor at 30% a year (and it is bargain for poor who otherwise pay 120% per year !!).
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(b) Each poor was asked to take one of his one old Rs 500 note to several different banks in one day The number of notes field was kept blank !! The bank staff who had nexuses with the eliteman wrote "eight Rs 500 notes", and gave one new Rs 500 note to the Poor. Then bank staff took seven old Rs 500 notes from eliteman and gave seven new Rs 500 notes to the eliteman !!
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(c) Army of volunteers were used.
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(3) All in all, poor are gaining. elitemen are loosing 20% of their cash - 10% to poor, 2% to Govt and some 8% to touts.
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In some extreme case - like give cash to of Rs 50 lakhs to dying Poor, Poor, deposits in his account, Poor buys gold via RTGS with Poor's valid IDs, and Rich takes gold directly ---- the dying Poor gains only 2% to 3% !! The taxman will sending notice of in sep-2017, and he would be long dead before that !!!
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But long term costs are --- massive increase in gold import (because now hoarders will keep gold and not cash) and massive increase in currency management (because all cash hoarders will keep Rs 50 notes only).
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So massive gold import via legal imports or smuggling will finish all gains that are to come in near future/
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(4) The real solution is to put ALL land ownership data on GoI website and also put data on DVDs and sell DVDs to public,. That data will show who owns how much land to ALL Indian citizens. Within one day, we will know who is black and to what extent. (Hint : average Congress / BJP/AAP MLA now owns land over Rs 50 crore low ball !!! Guess the land owned by MPs / Ministers etc !!! And guess what will happen when all that data comes on hardsik and SD card of EVERY PC and evety mobile owned by EVERY single Indian citizen !!!
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Essentially, arm every Indian citizen with land ownership data, and every black land hoarder will leave country within 48 hours.
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But SoMoke are NOT interested in give land ownership data to citizens, And instead SoMoKe want to chase rs 500 notes. Shame on SoMoKe and their andbhagats whose IQ is no more than minus 4000.