Note exchange commissions fall in grey market

December 09, 2016 11:28

Money changers are now exchanging new currency for old for a 15% commission of the amount, down from 30-40% in the first two weeks after demonetisation was announced, reports Shrimi Choudhary in Business Standard.

'After the initial frenzy, the grey market rate for exchanging old currency notes of Rs 500 and Rs 1,000 with new notes has cooled down. Money changers are now exchanging new currency for old for a 15 per cent commission of the amount, down from 30-40 per cent in the first two weeks after demonetisation was announced. Today, if one has to exchange unaccounted money worth Rs 1 lakh, the money operator will deduct Rs 15,000,' the report says.

You can read it here.

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