Hyderabad: Several people have succeeded in converting undisclosed Rs. 500 and Rs. 1000 currency into foreign currency. It is said that on the prior information by sources close to the government, several people have converted their currency into foreign currency or made foreign investment possible.
According to economic experts if the persons who were targeted by this move were already aware of this, then this move will only affect middle class who do not have so much undisclosed currency. But businessmen and active members who have close relations with political leaders who were usually supervising the benami properties of political leaders have secured their wealth.
According to reliable sources those who had the information before hand that the government is going to take this decision, had converted their undisclosed currency into foreign currency. For this purpose the politicians also made foreign visits and businessmen close to them also made foreign visits recently.
Politicians and people belonging to big business houses made sudden private tours, most of them must have converted their currency into foreign currency. During the past few months, rise in currency conversion was witnessed and many such incidents occurred at Delhi, Hyderabad and Mumbai Airport where currency smuggling was foiled.
In a nutshell the decision taken by the government will only have its impact on middle class, while the political and the business tycoons, whom the move was targeted will go scot-free.