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Hawala/Hundi business booms after demonetisation

Hawala/Hundi business booms after demonetisation

Hyderabad: People are in catch 22 situation, due to abolition of high denomination currency. However big businessmen are busy regularizing their black money on 30 pc commission through illegal Hundi/hawala business to evade taxes.

Hawala businessmen are fully utilising the situation. People with unaccounted money are converting their wealth into either dollars or pounds or making agreements to collect new notes after three months. Hundi businessmen have spread their agents across the country. All this is done very secretly. Various ways are explored to go unnoticed by police and government. Hawala businessmen are neither producing the black money into official records nor depositing them into bank accounts to regularise it.

According to reliable sources annually laundering of 1000 Cr is done through illegal means of Hawala/Hundi. Besides people residing in Gulf Countries those residing in various countries of the world send money to their family members through unlicensed systems such as hawala-Hundi.

After demonetization of all ₹500 and ₹1000 currency notes the hawala (or Hundi) has come to the help of black money owners and hawala businessmen have become active to exploit the economic emergency prevailing in the country.

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