After the initial frenzy, the grey market rate for exchanging old currency notes of Rs 500 and Rs 1,000 with new notes has cooled down. Money changers are now exchanging new currency for old for a 15 per cent commission of the amount, down from 30-40 per cent in the first two weeks after demonetisation was announced.

Today, if one has to exchange unaccounted money worth Rs 1 lakh, the money operator will deduct Rs 15,000. For delivery of new notes after three to six months, some agents are accepting rates as low as 10 per cent, said a market operator on the condition of anonymity. Due ...