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29 Feb 2024, Edition - 3152, Thursday

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Exchange your banned notes for a commission

Jabez John Anand


When people were going crazy in most parts of the country unable to exchange their Rs. 500 and Rs. 1,000 notes as the Central Government withdrew them overnight on Tuesday, some persons in Punjai Puliyampatti near here were exchanging the high-denomination currencies for a 10 per cent commission.

According to sources, some unidentified men at the bus terminus in Punjai Puliyampatti were reportedly exchanging notes for those who approached them.

“Money was transacted so fast in the morning; the persons gave Rs. 450 for a Rs. 500 currency note and Rs. 900 for a Rs. 1000 note,” the source added.

In order to avoid getting caught, the persons had an informer who found people searching for the spot and the exchange was taking place in remote areas behind buses or tea shops in the terminus.

“When I approached a conductor who was one of those involved, he refused saying that he did not have money. But when someone else approached him later, he gave them the money in private,” claimed a source.

More than 50 transactions were made in the bus terminus before morning and since most of the persons involved were outsiders reportedly who had travelled there by bus, it was difficult for the locals to identify them.

“We think it was the conductors who did this as they had more money,” said a passenger who attempted to change currency.

Reacting to the issue, police personnel claimed that they had not received any complaint but promised that action would be taken against perpetrators. A senior official from the transport department also said that an enquiry would be initiated.

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