The Narendra Modi government's move to ban currency notes of 500 and 1000 rupees denominations has hit several sections of people. More than anybody else, politicians, film stars and real estate dealers are the biggest victims of this sudden decision.
It is an open secret that all these three categories of people receive money mostly in black for their activities.
While politicians take kickbacks entirely in black, realtors and film stars get 70 per cent of their income in black. Though they always keep this black money in circulation in diverse business activities, sometimes they are left with huge amounts of black money. So, when Modi took a sudden decision to ban the high value currency, they went into deep shock.
According to sources, a top Tollywood hero who comes from a family of film stars, is learnt to be in possession of nearly Rs 25 crore hard cash in his house, when Modi made the sudden announcement.
In fact, this hero has already been into various business activities and always keeps his money in circulation in one business or the other.
As part of his business activity, he had received a huge amount of Rs 25 crore, all in Rs 1000 denominations and was planning to divert this amount to one of his business deals.
But even before he did it, Modi announced abolition of 500 and 1000 rupee notes, much to his shock. Now, this hero is caught in a piquant situation – he can neither deposit the money in the bank without accounting for it; nor can he divert it into another business, because the currency has no value now.
He is now said to be discussing with his auditors to find a way out to convert this black money into white.
