Six years after demonetisation of high value currency to weed out black money in circulation and check the growth of the parallel economy, anecdotal evidence reveals that people are still paying or accepting black money in real estate transactions, says a survey.
“People are still selling and buying products like hardware, paints and many other household and office paraphernalia and also delivering services without proper receipts,” said the survey by LocalCircles, a community social media platform. As much as 44 per cent of those surveyed who bought a property in the last 7 years saying that they had to pay a component in cash is something worth noting, it said.
It said property transactions emerged as the top area of cash usage from a value per transaction standpoint in the 2021 survey. “The responses revealed that 8 per cent of the 11,499 respondents to the query had paid over 50 per cent in cash. Of the remaining, a…
