They keep it in USD as far as I know.. The money is sent thru to Swiss bank thru Hawala... i.e someone pays the money in cash in India and funds are deposited in Swiss Bank by someone else in cash in any of the currencies. The actual cash still remains as cash in India and changes hands for someone who is looking to bring the money back into the country... but remains unaccounted and black more
Hi Vinay ji, I agree with you. But what you are saying might take years to happen. We are a country of 1.2 billion with over 300 million relatives outside India. The money could be stashed in anyone's name... it will be extremely hard to track. My idea to change the currency will deposit huge amount of unaccounted funds directly into Reserve bank - since all the missing money or unaccounted / unclaimed funds will become property of the RBI if the funds are not exchanged in given year. Before this happens a "Vol Disclosure Scheme" could be launched just to give the last chance to the people who wish not to loose all the money once the currency is changed to "Indian Dollars"? Regards Ashish more
there are analysis in the market that the govt won't be able to get the money stashed abroad back because of legal hassles. however, i am of the view that the point of treason is above any law and person who so ever had sent the money out should be treated like a traitor. i am of the view that the govt agencies can start tracking money even from the present position. even if the govt is able to catch one person and sets example rest shall follow the precendent. any body who has become rich and famous overnight can be the most suspicious person more
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