Ban brings windfall for students

JAIPUR: Students have found a new way to make fast cash in the city. A section of them holding valid ID cards are exchanging old currency by new currency at banks and making Rs 300 to Rs 500 per exchange. The black money hoarders are targeting these students while paying them Rs 4,500 old currency in the morning for return of Rs 4,000 in the evening. To check such malpractice, the government is putting indelible ink on the finger but very few banks have started.

Subhash Singh

(name changed), a BTech students from Nagaur has made the exchange thrice since the bank re-opened after currency ban. “I live in a college hostel. Here, our warden has told few students that they can make some savings by doing the exchange. I still have no idea where the money comes from but I have earned Rs 1,500 that too in Rs 100 denomination. I can now sustain it for the whole month without asking from my parents,” said Singh.

He has done his three exchanges at different banks, including his last on Wednesday but the bank has not put indelible ink. Such students are hopeful that by December 31 deadline, they would be saving money to sustain it for couple of months.

“My landlord, who is a doctor, has asked me approach my friends for exchanging old currency notes. I don’t think I am doing any anti-national work and I am just helping my landlord who is hardworking and happens to keep money," said Vikas Sharma (name changed) who is a student of

Commerce College

and lives in

Malaviya Nagar

. He is getting Rs 200 per exchange and offered rent free of next month in lieu of five exchanges.

Sources told TOI that such exchanges are done by institutes, jewellers, hospitals and businessman who have links in these institutes. The advantage with these students is that they can surpass any kind of surveillance in the garb of a student. They are also safe bet for hoarders as the identity of these students is known to them. Most of these exchanges are taking place in banks and post offices areas like Sitapura, Kukas and Jagatpura. Jaipur has a student population of over 50,000 who come from outside Jaipur and enrolled in private universities, engineering and management colleges.


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