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Meet Mumbai’s ‘kadak’ gang
Updated On: 01 November, 2022 07:42 AM IST | Mumbai | Shirish Vaktania
With crisp notes in high demand owing to their auspicious significance, mid-day digs out the details on how this business—where legal Indian currency is sold at high commissions—operates right outside the RBI office in SoBo
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Hemlata Chaurasiya, an agent, speaks to the mid-day correspondent near the RBI office in Fort, on Friday. Pics/Ashish Raje
The recent ‘new currency note’ scams reported in Navi Mumbai spurred mid-day into launching an investigation into the old currency notes exchange racket near RBI at Fort. The agents, six-seven women, loiter in the area, waiting for customers. This correspondent approached some of them and found that they exchange old notes for a commission ranging from Rs 100 to Rs 350 per bundle of 100 notes. The highest commission was on Rs 10 notes, which the agents claimed were in high demand. While these agents have been working in the area for years, no action has been taken against them.
The mid-day team found that the agents carry small amounts of new notes in their handbag, without any fear. During conversation with the correspondent, they revealed that their work booms during Diwali and the wedding season from November to March. This is because new notes are considered auspicious. Many businessmen prefer distributing new notes as a Diwali bonus to their employees as well.
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