From 17 December, the government introduced a new scheme for declaring undisclosed income. Under it, those who declare black money will have to pay 50% tax. The declarant will keep 25% of the amount. The remaining 25% will go into the Pradhan Mantri Garib Kalyan Deposit and will be returned after five years without interest.

Also Read: 7 Ways in Which Black Money Hoarders Got Their Cash Into Banks

But Singh explained to us how people are easily converting their black money in old notes into new ones by paying as little as 10%. Once the black money has been turned into new notes, it can be accounted for using various means, such as overbilling.

And so it seems that with middlemen like Singh and corrupt bank staffers around, PM Modi’s surgical strike on black money has been weakened considerably.