Demonetisation: Five ways people are dodging 'black money' crackdown

From deploying 'cash coolies' to buying Rolex watches, people have found unique ways to dodge the government's surprise move to withdraw high value notes in a bid to tackle widespread corruption and tax evasion.PM Narendra Modi sent shockwaves through the country by announcing on November 8 that all Rs 500 and Rs 1,000 notes — some 85 per cent of all notes in circulation — would cease to be legal tender within hours.The announcement threw India's cash-dependent economy into turmoil and triggered a mad rush among people with undeclared, unaccounted cash to exchange old notes or use them to buy gold and luxury items.Tax evasion is rife in India with many small businesses and professionals such as doctors and lawyers asking to be paid in cash to avoid taxes.Only six people earning over Rs 50 crore filed returns in 2012-2013, despite there being an estimated 2,100 ultra-wealthy Indians whose net worth exceeds Rs 340 crore.But the government is cracking down and banks must report anybody depositing more than Rs 250,000, while holding undeclared cash can lead to a penalty of double the tax owed. (AFP)