Traders in Madhavpura make money by accepting 500 & 1000 notes

AHMEDABAD: The withdrawal of Rs 500 and Rs 100 notes has turned the traders in Madhavpura to made some quick money. One trader found that business in dry fruits was slow, because of non-availability of cash. He decided to make some money with the cash available with him.
The man who declined to be identified, said: “I usually keep Rs 4 lakh cash with me and this is always in notes of Rs 100 only.In the morning, a drunk man came asked me for change and I refused, he told me to give whatever I wished. I gave him Rs 800 in exchange for a Rs 1,000 note. I then decided to help people and make some money. I have a current account and deposits of Rs 50,000 to Rs 1 lakh are common. Hence I can deposit Rs 500 and Rs 1,000 notes in my account.”
This trader was not alone. Several traders got busy replacing cash. For a Rs 500 note, traders would pay out Rs 400, or Rs 800 for a Rs 1,000 note. Today, as banks opened, these traders they paid out Rs 900 per Rs 1,000 note.
Crisis-struck Amdavadis have worked out several ways to dispose off their high-value currency notes. An industrialist in Ahmedabad paid two months’ salary in cash to his employees, some traders in Madhupura made fast money by cashing in on the needs of people coming to the area.
An industrial group situated in Ahmedabad, on Thursday, had to pay salaries to its 1,200 employees. The group realized that it had cash in Rs 500 and Rs 1,000 notes in abundance and instead of sending the cash back to the bank, it decided to distribute it among employees.