EBay Selling Old Rs 500 and Rs 1000 Notes at Exorbitant Rates News
Earn Millions Of Rupees By Selling Old 500 Or 1000 Rupee Notes On This E-Commerce Portal
In an attempt to combat fake currency, black money and corruption, the Indian government banned 500 and 1000 rupee notes on November 8, 2016. There were several guidelines by the government regarding the scrapped currency and the newly issued one, asking people possessing old currency to deposit or exchange them at banks.
It took just a few seconds for these notes to be converted into worthless pieces of paper. But now, those possessing these worthless pieces of paper can become millionaires, especially those with special numbers such as 786.
When Prime Minister Narendra Modi announced the much ambitious demonetisation move, i.e. the devaluation of high-value notes on November 8, 2016, he had various goals in mind. From eliminating black money (illegal cash) and fighting terrorism to encouraging digital payments, PM Modi thought of it all. Little did he know that one year down the line, the same‘devalued’Rs 500 and Rs 1000 notes will be sold at exorbitant rates on online marketplaces like eBay India.
PM Modi Lists Blow to Terrorism, Unearthing of Black Money Among 7 Benefits of Demonetisation
Following the demonetisation move, the government had mandated and provided sufficient time for the devalued Rs 500 and Rs 1000 notes to be exchanged or deposited with the banks. However, it has been found that these devalued notes are now being sold on eBay India, one of the renowned e-commerce websites. The price range of the old Rs 500 and Rs 1000 notes ranges from Rs 179 to Rs 5000!
The listings on eBay India have highlighted unique features of the old currency. These‘unique features’include the number 786 that is considered auspicious in some religions, notes signed by former Reserve Bank of India governers Raghuram Rajan, C Rangarajan, or S Venkataraman, a note marking 75 years of Dandi March, notes with the same prefix, among others.
