MUMBAI: Demonetisation has given black money hoarder an innovative idea. Customs officials booked a Surat-based businessman for trying to smuggle 2.5 kg gold out of the country - to convert it into foreign currency - from Chhatrapati Shivaji International Airport on Friday.The accused, Pranav Chauhan, had purchased the gold on premium rate with the help of defunct Rs 500 and Rs 1000 notes. He wanted to sell it abroad and bring back the foreign currency after showing it legal earning.On early Friday, while scanning a handbag security personal at the airport Central Industrial Security Force (CISF) personnel found metal object inside and they alerted the customs. The passenger, Pranav Chauhan, cleared the security check and immigration counter. He was sitting in the waiting area when customs official took him for questioning and found 2.5 kg gold in his bag.Chauhan told officials that he is a farmer from Surat and also deals in land. He reportedly confessed to generate unaccounted money in land deals. Chauhan claimed that he had purchased gold on premium rate and paid Rs 90 lakh for gold worth Rs 66 lakh. He had made the payment through the defunct notes of —Rs 500 and Rs 1000.Chauhan was flying to Canada to sell gold there in exchange for foreign currency. He planned to bring back foreign currency after showing it his legal earning. He also told officials that he has a plan to sell foreign currency--- dollars--- in India in black market on higher rate to cover up his loss.“Presently, there is no much new currency available in the Indian market to purchase gold without bill, so he was trying to take gold out. We are also probing other aspects of the case, including about the jeweller from whom he had purchased the gold in premium rates,” said a customs official.Officials said that they are tipped about reverse gold smuggling trend after demonetization announcement. They are told that black money hoarder buying gold here with the help of defunct notes after paying premium charges and taking it out of country to convert it into foreign currency. “Such people taking gold where it's in demand like Canada and Sri Lanka. We are keeping close eye on passengers leaving for these countries” said the officer.Usually, officials keep eye on smuggles who purchase gold in Gulf countries on cheaper rates and bring it to India after avoiding customs. Smugglers sell gold in black market in India on higher rates.