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Message: <blockquote data-quote="ibnanv" data-source="post: 20933694" data-attributes="member: 218596"><img src="http://khaleejtimes.com/storyimage/KT/20161120/ARTICLE/161129972/AR/0/AR-161129972.jpg&MaxW=780&imageVersion=16by9&NCS_modified=20161120101728" alt="" class="fr-fic fr-dii fr-draggable " style="" />Wealthy Indians rushed to make costly purchases with unaccounted cash soon after Modi's announcement on November 8.   <a href="http://adserver.adtech.de/?adlink/1561/5658176/0/170/AdId=-3;BnId=0;itime=641581202;" target="_blank"><img src="http://aka-cdn-ns.adtech.de/images/AT170_300x250_4.gif" alt="" class="fr-fic fr-dii fr-draggable " style="" /></a> From deploying 'cash coolies' to buying  Rolex watches, Indians have found unique ways to dodge the government's  surprise move to withdraw high value bills in a bid to tackle widespread  corruption and tax evasion. Prime Minister Narendra Modi sent shockwaves  through the country by announcing on November 8 all 500 rupee and 1,000  rupee notes - some 85 per cent of all bills in circulation - would cease  to be legal tender within hours. The announcement threw India's cash-dependent  economy into turmoil and triggered a mad rush among people with  undeclared, unaccounted cash - so-called 'black money' - to exchange old  notes or use them to buy gold and luxury items. Tax evasion is rife in India with many small  businesses and professionals such as doctors and lawyers asking to be  paid in cash to avoid taxes. Only six people earning over 500 million  rupees filed returns in 2012-2013, despite there being an estimated  2,100 ultra-wealthy Indians whose net worth exceeds $50 million. But the government is cracking down and banks  must report anybody depositing more than 250,000 rupees, while holding  undeclared cash can lead to a penalty of double the tax owed.   Cash Coolies There have been multiple reports of factory  owners and businessmen asking staff - or even hiring casual labourers -  to stand in bank queues and exchange cash for them before the December  30 deadline. The initial over-the-counter currency exchange  limit was 4,000 rupees but was later reduced to 2,000 rupees after the  government said "unscrupulous elements" were paying the poor to queue to  exchange their money. The government also asked banks to ink  people's fingers - a tactic normally used to fight voter fraud - after  they had exchanged bills to prevent them from queueing up again. Rolex buying spree Wealthy Indians rushed to make costly purchases with unaccounted cash soon after Modi's announcement on November 8. Several luxury retailers stocking brands like  Rolex and Dior sent emails to clients stating their stores would be open  until midnight that day, the Economic Times reported. The daily said a leading global fashion brand  store in Delhi remained open all night immediately after the move was  announced, selling merchandise worth more than $150,000 in less than  three hours. Get gold Some affluent buyers have reportedly been paying almost twice the market value for gold in old notes. Jewellers who had shut up shop for the day on  November 8 reopened their stores within hours and were selling gold all  night, local media reported. Customers lined up outside jewellery stores in  Delhi and Mumbai with bags of cash with one report saying they paid as  much as 52,000 rupees ($762) per 10 grams of gold, almost double the  going rate. 'Rent' an account Officials say they are keeping an eye on all  cash deposits made into new "Jan Dhan" accounts which were opened by the  government as a part of its financial inclusion scheme for the poor and  farmers and which were designed for deposits such as wefare payments. Following the withdrawal announcement, many of these accounts have seen deposits of thousands of rupees in a single day. Local media have reported that corrupt  individuals are "renting" these accounts to deposit their money in, only  to withdraw it later. Travel trick In a sign of how desperate some Indians were  to convert cash, a massive spike was seen in the number of railway  ticket bookings after authorities said old bills could be used until  midnight on November 11 to make reservations. Most of these were advance bookings made using old notes.Bookings can be cancelled at a later date with refunds paid out in new notes with only a small fee deducted.</blockquote>

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