Want new currency notes? Pay the price!

So you thought that demonetisation would bring an end to illegal trade practices involving currency? Even as government celebrates the first anniversary of its demonetisation drive today, it's party time for a number of small traders, DEMONE who are cashing in on the scarcity of lower SPE denomination notes.The RBI introduced new currency of `50 and `200 denominations in end August, but most citizens are yet to lay their hands on them. Curiously , these banknotes are being sold openly on the pavements of BBD Bag,

Burrabazar

and other areas for a premium -especially as gift items.We went around town to search for the fluorescent blue and bright yellow notes and found bundles of these being sold at a premium of `5-25 per note, depending on the supply. The buzz is that some of these traders get the notes directly from bank officials, while others procure it from middlemen. Did someone just say black money? Let's keep that discussion for another day .

Stop 1
Footpath adjacent to Reserve Bank of India
Number of sellers: Approx 15
Premium:
Rs 5 per 50 note
Rs 15 per 200 note
Traderspeak:
As we made a futile attempt to bargain, a woman note seller angrily retorted, “Don’t waste my time. We are anyway buying these new notes at a higher price from the babus of the bank. We are just making a profit of `1 per note. There is no way I’m charging you any less.”

Stop 2
Beside old currency house, about 1 km from Lalbazar
Number of sellers: Approx 8-12
Premium:
Rs 5 per 50 note
Rs 15 per 200 note
Traderspeak:
“Even though it is a well-known fact that new notes are not coming to

West Bengal

in abundance due to the constant fight between the state and the central
government, that’s not really the reason behind its poor circulation. The new currency notes are indeed reaching the banks but the bank officials are selling it away at higher rates,” said this note seller. Apprising us of their union’s agreement with the police and other higher officials, he added, “You think we are running a business worth lakhs without any settlement with the police? The local leaders and police are well aware of the situation but they would never interfere.”

Stop 3
In front of Netaji statue below

Sealdah

Flyover
Number of sellers: Approx 5-8
Premium:
Rs 12 per 50 note
Rs 25 per 200 note
Traderspeak:
The traders here quoted the highest rates and admitted the supply of new currency notes in the area is limited. Claiming that their rates are higher because of the involvement of far more hands than at other places, a trader said, “Of course we’ll be charging more than the sellers in the RBI-GPO-Lalbazar area. They get the notes directly from the bank officials whereas we get the bundles through middlemen. Despite being available, we don’t really get our hands on too many bundles. The scarcity of new notes, coupled with the intervention of dalals, makes the final price of the new notes here more expensive.”

Stop 4Burrabazar-Sonapatti area
Number of sellers: Approx 30
Premium:
Rs 5 per `50 note
Rs 12 per `200 note
Traderspeak:
The business of selling new currency notes seems to be thriving in this area where the supply is abundant. On being asked about the sale of the new `50 and `200 notes, a trader said, “Our sales went through the roof during Diwali. People queued up to buy bundles of new notes for gifting purpose. Since these notes are still not available at the banks, we have a lot of customers willing to buy it from us at a premium. For us, it’s a means to do brisk business and make a quick buck.”

ALSO SPOTTED!
The currency business is not limited to the new `50 and `200 notes. We also saw bundles of the new `1 notes being sold for as high as `500 in

Dalhousie

area, `400 in Sealdah and `250 in Burrabazar area respectively

— SHRUTANWITA CHAKRABORTY