Sudden announcement from Prime Minister Narendra Modi to discontinue tender of Rs 1000 and Rs 500 have left the commoners in a big soup. While the commotion continues, hoarders of black money are finding innovative ways to bypass the usual banking transactions and using the old currency notes. People are inventing ingenious ways to try and hide their money from the tax inspector. According to Google search engine, most people from PM’s home state Gujarat, Secunderabad and Hyderabad have looked up Google to learn ‘How to convert black money to white.’ So here we are, the good guys, to provide you what you needs. We have some ways to convert your black money to white.
Send your mother to old age home
PM Narendra Modi declared that if your mother (don’t ask me why not fathers!) is in old age home and you’ll deposit 2.5 lakhs to her bank account, income tax department will ignore that amount.
Investing in Property or buy precious materials
The middle-class black money earners spend/invest them in black. For example, Mr. Arnab Dey sells a house for Rs.60 Lakhs, of which, he takes Rs.30 Lakhs in Cash – black and reinvests/buys another flat/plot by giving Rs.30 lakhs apart from white money.
Instead of accumulating cash, you can buy gold, diamonds or other materials in small quantity and from different shops in the name of all your family members.
You can actually buy gold or invest your money in a property in backdated.
Gift from relatives or friends
Another popular way to convert black money to white is by getting gift from relative. Modus operandi is simple you have black money and your relative has the same amount of white money. Your relative issues cheque to you as gift and you will give your black money to him/her.
Agricultural Income is exempt from Income Tax. This means the money earned from the sale of paddy, pepper or wheat is exempt from tax. So, the people who earn black money will obtain a fictitious receipt from traders in agricultural commodities as if they have sold the products. For the sake of records, these people will acquire or show the proof of ancestral property in villages!
Deposit black money in the name of family members
Another popular method for converting black money to white is to open bank account on each and every individual family member. Deposit black money on the name of every family member to convert it in white.
Deposit money in name of a farmer
You can deposit your black money in name of your farmer. For cultivation, it’ll be excluded from the income tax department’s eyes. And obviously, you can get the money back and give him some commission.