Kerala: White collar hoarders hit hard

KOZHIKODE: White collar hoarders who save a good amount of undisclosed money from their profession are on run for cover. They include doctors, proprietors of small-scale firms and institutions. They cannot seek the help of black money agents like hawala dealers or arrange alternatives. Hence they throng Chartered Accountants to find a solution to make them legitimate. Physicians, including consultants and surgeons, who receive money as daily packets from private hospitals are prominent among them.

“We were getting anxious calls enquiring about the ways to legitimate the amassed wealth. They are stuck between fear of public knowing the unaccounted money and the fear of losing money,” said a CA in Manjeri. Well-known art and dance teaching institutions which are the prestige of the privileged too are putting their heads together to tide over the crisis. Recently the proprietor of a famed dance school in Kozhikode had returned Rs 12 lakh collected from parents for the ‘Arangettam’ of their kids.

“Arangettam of a child needs Rs 50,000. As an advance, parents of 40 kids gave  Rs 30,000 each. But after the demonetization, a worried proprietor returned the money demanding that he need the amount without old 1,000, 500 banknotes,” said a mother who wished anonymity. Another crop of bigwigs who throng CAs are those running money spinning entrance coaching institutions. “I was advised to give money to loan defaulters on post-dated cheques. Another solution was to remit the money to various accounts of friends or relatives. But both cannot guarantee the return on time,” said a partner of an entrance coaching firm in Kozhikode.