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There has been a complete turnaround in trade involving exchanging demonetised currency with new banknotes. 
 
People who were charging 30-40% premium to convert black money into white are now willing to pay an interest on exchanging the notes. 
But, the catch is the owner will have to lock in the money for a year or more. 
 
Many traders and businessmen were charging a premium of as much as 40%, which dropped to 20-30% in the following weeks and settled at 10% a week back. 
 
Now, there has been a total flip. If you have Rs 5 crore in cash, there are people willing to take the money off your hands and give you an interest of 6-8% after a year. 
 
"The decrease in the payment of premium for exchange of black money and interest being offered to get people to invest their black money is probably a reflection that the black money has easily entered the system,” an economic analyst, on condition of anonymity, told ET. 
 
Many people hoarding black money got rid of it by paying outstanding dues, debts, labour contractors, cement and steel companies, etc. Some have even distributed six months salaries in advance. 
 
Dr Saumya Kanti Ghosh, chief economic adviser (economic research department) at SBI, told ET, “People are always finding out ingenious ways to launder black money, innovative ways are being tried out. There are always people trying to take advantage, even in the financial crisis of 2008. We can expect the government would come up with ways to tackle it.”

You can now earn interest on exchanging old notes but there is a catch

The <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India&amp;sortorder=effectivedate">Reserve Bank of India</a> (RBI) received several requests for exchanging <a href="http://www.businessinsider.in/searchresult.cms?query=demonetized+notes&amp;sortorder=effectivedate">demonetized notes</a>, even after the deadline of Dec 30, 2016 was over. Out of many, the RBI received a request from a man whose dead father left him Rs 50, 000 notes in <a href="http://www.businessinsider.in/searchresult.cms?query=old+currency&amp;sortorder=effectivedate">old currency</a>. 
 
The case came into light when <a href="http://www.businessinsider.in/searchresult.cms?query=Bhopal&amp;sortorder=effectivedate">Bhopal</a>-based Mastan Singh Maran found old notes left by his dead father while cleaning the room. Singh, whose father passed away on December 26, 2016, even produced certificates ranging from hospital bills to death certificate of his father at the RBI branch in <keyword id="6355556" type="COMPANY" weightage="100" keywordseo="bhopal">Bhopal</keyword>. Singh and his family claims that his father had lost memory before he died, forgetting to tell anyone about the cash he had with him. 
 However, the RBI turned down the request. The RBI officials denied accepting the old notes, saying only <keyword id="58225" type="ORGANIZATION" weightage="100" keywordseo="NRIs">NRIs</keyword> are eligible for exchanging old currency notes now till March 31, 2017.

Here’s what happened when a man requested RBI to exchange old notes left by his dead father

The government has suspended over-the-counter exchange of old notes from today midnight. 
 
It said that the Rs 500 notes will be allowed till December 15 in places where it is already being accepted. 
 
Rs 1,000 notes will not be eligible for exemption, the government announced. There is a complete ban on the usage of these notes from today midnight. 
 
Rs 1000 notes will not be accepted at petrol pumps and government hospitals. 
 
Foreign citizens will be permitted to exchange foreign currency upto Rs 5,000 per week. Entry to this effect will be made in their passports. 
 
Old Rs 500 notes will be allowed for government school and college fees.

Demonetisation: Today is the last day for over-the-counter exchange of old notes

On most Sundays of an ending month people would list out their grocery needs and other plans for next month. However, this time it’s different. Thanks to <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword>’s decision to scrap <keyword id="2055438" type="UNKNOWN" weightage="20" keywordseo="old-notes">old notes</keyword>, people in urban India are still trying to figure out if they would keep buying grocery from online stores or ask the neighbourhood shopkeeper to deliver stuff on cash-on-delivery as always. 
 
So what’s happening in the other parts of the country?

Demonetizations digest: cheaper
home loans and under banked India making headlines

If you have money, they have the way. That’s what the agents of illegal money <keyword id="6370089" type="CITY" weightage="20" keywordseo="exchange">exchange</keyword> claims. <keyword id="6362150" type="UNKNOWN" weightage="20" keywordseo="demonetization">Demonetization</keyword> might have hurt the common men hard as they need to stand for hours in queue to withdraw money. But for a bunch of people running illegal business across the country, it’s a boon. 
 
The illegal exchange of demonetized old notes of Rs 500 and Rs 1000 with freshly minted Rs 2000 has gone rampant. But don’t think this comes real easy. Black trade that started after the government’s good will of curbing black money has a lot of conditions associated. Firstly the money meant to exchange needs to in <keyword id="6354911" type="UNKNOWN" weightage="20" keywordseo="crores">crores</keyword> and not some few thousands. Also there is a commission associated, which is steep. The <keyword id="6474066" type="COMPANY" weightage="20" keywordseo="economic-times">Economic Times</keyword> spoke to a number of people in the trade of exchanging old notes with new. "If you have Rs 1 crore in cash, we can exchange it in one hour, anywhere in the country," said <keyword id="2655564" type="PERSON" weightage="20" keywordseo="Jiten">Jiten</keyword>, one of the people claimed to have been involved in the trade. "Of course, you would have to pay a commission." 
 
Jiten said he can exchange up to Rs 5 crore a day - but with a condition. "You have to be referred to us by someone who has already exchanged the money," he told the ET. 
The commission is 10%. So for Rs 5 crores to exchange, the commission would be Rs 50 lakhs. 
 
The banks may allege that they are targeted without reasons, the investigation by the financial daily found that managers to cashiers at many bank branches, both private and state-run, are part of the racket. There have been several cases where bankers have been booked for diverting funds and laundering black money for private gains. 
 
What is worrisome is not just the easy manner in which the new notes are being exchanged illegally, but also the deep inroads the black money exchangers have made into the system.

Here’s how Crores of old notes
are getting exchanged without queuing up in banks

The Prime Minister Narendra Modi-led Indian government stopped exchange of old Rs 500 and Rs 1000 notes in bank counters and has only allowed the exchange to happen at the counter of the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> (<keyword id="30067" type="ORGANIZATION" weightage="20" keywordseo="RBI">RBI</keyword>). 
 
The government extended the deadline of exemptions till December 15, which means petrol pumps, state-run hospitals will continue to accept the old notes till then. You can also pay your water and electricity bills till December 15 with old banknotes. 
 
Although the exchange has stopped at the bank counters, you can only deposit old banknotes till Dec 31. The current limit of withdrawal of upto Rs. 24,000 per week per bank account remains unchanged. 
 
You can withdraw upto Rs. 2,500 a day per card from the ATMs. 
 
The RBI has doubled the limit on digital transactions through e-wallets like Paytm to Rs. 20,000 per month.

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

Just like any other citizen, Prime Minister<a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate"> Narendra </a><a href="http://www.businessinsider.in/searchresult.cms?query=narendra+modi&amp;sortorder=effectivedate">Modi</a>'s 97-year-old mother <keyword id="3077014" type="UNKNOWN" weightage="100" keywordseo="Heeraben-Modi">Heeraben Modi</keyword> too visited a bank at her village in <keyword id="6356847" type="CITY" weightage="100" keywordseo="gandhinagar">Gandhinagar</keyword> to exchange old notes in view of the <a href="http://www.businessinsider.in/searchresult.cms?query=demonetisation&amp;sortorder=effectivedate">demonetisation</a> of the high currency notes to curb <a href="http://www.businessinsider.in/searchresult.cms?query=black+money&amp;sortorder=effectivedate">black money</a>. 
 The frail lady reached a branch of the <keyword id="111832" type="CITY" weightage="100" keywordseo="Oriental-Bank-of-Commerce">Oriental Bank of Commerce</keyword> in a wheelchair to exchange currency worth Rs 4500 this morning. She was accompanied by relatives. 
 
After coming to the bank with 500 notes, she filled the mandatory form, put her thumb impression on it and successfully exchanged her money. 
 
After receiving the new Rs 2,000 note, she also displayed it in front of the media. In the process, Heeraben also unknowingly set an example for the rest of the citizens, with many on the internet applauding her simplicity. 
 
Image credit: ANI

Prime Minister Narendra Modi's mother sets an example by exchanging old notes at Gandhinagar bank

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="http://pictures.reuters.com/C.aspx?VP3=SearchResult&amp;VBID=2C0BXZIFDWI5K&amp;SMLS=1&amp;RW=1169&amp;RH=778&amp;POPUPPN=3&amp;POPUPIID=2C0FQE2P6OH2">Reuters/Kevin Lamarque</a>President Obama</div></div></div>President Obama's landmark Affordable Care Act was seemingly dealt a huge blow Tuesday when the nation's largest insurer by people covered, United Healthcare, <a href="http://www.businessinsider.com/united-healthcare-quitting-obamacare-2016-4">announced it was leaving the state exchanges</a> in all but a "handful" of states.These exchanges are the cornerstone of Obamacare, which provide a marketplace for Americans who don't have a work insurance offering to pick a plan to cover themselves and their families.While it would appear that United Health's exit would radically change the game for the ACA exchanges, the impact may not be that significant.For one thing, United Health never really entered these marketplaces head first. In fact, as of March 31, the company insures only 750,000 of the more than <a href="http://obamacarefacts.com/sign-ups/obamacare-enrollment-numbers/">12 million people enrolled</a> in Obamacare.In fact, <a href="http://kff.org/health-reform/issue-brief/analysis-of-unitedhealth-groups-premiums-and-participation-in-aca-marketplaces/">according to the non-partisan Kaiser Family Foundation</a>, which focuses on healthcare policy, the impact on enrollees premiums and competition would not be substantial."The effect of a United withdrawal nationally would be modest," said <a href="http://kff.org/health-reform/issue-brief/analysis-of-unitedhealth-groups-premiums-and-participation-in-aca-marketplaces/">a study by Cynthia Cox and Ashley Semanskee</a> of Kaiser. "The national weighted average benchmark silver plan would have been roughly 1% higher in 2016 had United not participated (less than $4 per month for an unsubsidized 40-year-old)."Cox and Semanskee found that United offered mostly high cost plans in just 34 states in the US as of 2016, so by removing themselves from the exchanges the impact would not be as significant as you may think in terms of increased cost or limited choice.In terms of competition, if United does remove itself from all exchanges Cox and Semanskee found that 53% of all counties covered by exchanges would have only one or two exchanges. While this is significant, most counties with limited options are more rural and less populated. Therefore, the total number of people with limited choice is still relatively low.<a href="http://kff.org/health-reform/issue-brief/analysis-of-unitedhealth-groups-premiums-and-participation-in-aca-marketplaces/">Here's Cox and Semanskee</a> (emphasis added):If United exits everywhere (again, with the exception of Harken Health in Georgia), the number of Marketplace enrollees with access to only one or two exchange insurers would increase (from 1.9 million to 3.8 million or from 15% to 30% of all enrollees), and the number of enrollees with only one insurer would also increase (from 303 thousand to 1.4 million or from 2% to 11% of all enrollees). Still, the vast majority of Marketplace enrollees (8.9 million or 70% of enrollees nationally) would continue to have a choice of three or more insurers, even in the absence of United.<div class="KonaFilter image-container display-table click-to-enlarge"><div><div class="image"><a title_source="Kaiser Family Foundation" title_caption="" class="zoomin" href="https://static-ssl.businessinsider.com/image/571766ab52bcd01a008bdb47-960/8862-figure-22.png"></a>Kaiser Family Foundation</div></div></div>This isn't to say that there won't be an impact on some people trying to gain health insurance through exchanges. As the researchers note, the move will disproportionately impact those in rural areas in some Southern states. But, in aggregate, the removal of United from Obamacare isn't a massive shift for costs or competition."On average nationally, based on our analysis of 2016 insurer premiums, United's participation on the exchanges had a relatively small effect on premiums," <a href="http://kff.org/health-reform/issue-brief/analysis-of-unitedhealth-groups-premiums-and-participation-in-aca-marketplaces/">concluded the study</a>."As a result, the weighted average benchmark premium would have been roughly 1% higher had United not participated in 2016 (not accounting for the possible effect changes in insurer participation may have had on pricing behavior or the potential for new entrants to the market)."Now, as Cox and Semanskee note, the long-run effects of this move are a bit more uncertain. Insurers in communities with less competition could begin raising prices, but there are some provisions in the ACA that would prevent that. Also, the impact of the move politically is another issue entirely. Republicans have been <a href="http://www.businessinsider.com/in-2016-republicans-will-try-to-undo-one-of-barack-obamas-most-prized-pieces-of-legislation-2016-1">calling for the end of Obamacare</a> since it was passed, so the optics of United Health's move are up for debate.In the short-run, it doesn't appear that United Health's decision to pull out of the exchanges will make a huge difference for most Americans.<a href="http://kff.org/health-reform/issue-brief/analysis-of-unitedhealth-groups-premiums-and-participation-in-aca-marketplaces/">For a state by state breakdown of how United Health's move could impact you, check out the full post at the Kaiser Family Foundation website»</a> <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/consumer-reports-costco-sams-club-comparison-2016-4">Consumer Reports put Costco and Sam's Club head-to-head - here's the verdict</a></h3> <div> <div> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="Yzb2RzMjE6tMXWBrKBo6QmybmXFiz8Tv" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> </div> </div> </div>

This is the impact of the nation's largest insurer leaving Obamacare

<ul><li>Shares of <keyword id="6017572" type="General" weightage="20" keywordseo="sapphire-foods-india" source="Orion">Sapphire Foods India</keyword> list at ₹1,311 while the shares were allotted at ₹1,180 per share.</li><li>The IPO was subscribed 6.62 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹8,330 crore.</li></ul>Shares of Sapphire Foods India, the operator of KFC and Pizza Hut outlets, made a good listing on the National Stock Exchange (NSE) and BSE at 11% premium over the issue price of ₹1,180 apiece. Post listing, the market capitalisation of the company stood at ₹8,330 crore, according to BSE data. The shares of Sapphire Foods were trading at ₹1,367, higher by 16% at 10.01 a.m., on November 18. The grey market showed a decent listing for Sapphire Foods a day prior to the listing with a ₹85 premium per share. The IPO was open between November 9 and November 11 ⁠and was oversubscribed 6 times by investors. It was subscribed 6.62 times on the last day of the bidding. The company is the largest franchisee of Yum! Brands in the Indian subcontinent. Besides, the company is backed by marquee investors such as Samara Capital, Goldman Sachs, CX Partners and Edelweiss. The company was looking to raise over ₹2,000 crore through the IPO that consisted of a pure offer for sale of 1.75 crore shares by existing shareholders and promoters. Moreover, <a href="https://www.businessinsider.in/stock-market/news/sapphire-foods-will-capture-the-wave-of-change-in-eating-habits-say-analysts/articleshow/87598674.cms">analysts believe </a>the company is well positioned to capture the new age wave of change in eating habits. “Riding on strong brands, fine dine experience and focus on delivery strength the company is well positioned to capture the new age wave of change in eating habits. The quick service restaurant (QSR) segment is expected to witness a significant rebound in the coming years driven by the economic recovery of the country and improvement in the purchasing power of consumers,” said brokerage firm KR choksey SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-ipo-listed-at-discount-of-9-starts-trading-at-1955/articleshow/87772082.cms">India’s biggest IPO lists 9% below the IPO price and it may fall even further, warn analysts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/rbi-governor-shaktikanta-das-raises-concerns-on-crypto-again-even-as-india-looks-at-regulation/articleshow/87771963.cms">India is trying to regulate cryptocurrencies — but not everyone is on board, including the RBI governor</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paytm-sapphire-foods-vedanta-and-other-top-stocks-to-watch-out-for-on-november-18/slidelist/87770708.cms">Paytm, Sapphire Foods, Vedanta and other top stocks to watch out for on November 18</a>

Sapphire Foods India lists at 11% premium on exchanges

The <a href="http://www.businessinsider.in/searchresult.cms?query=RBI&amp;sortorder=effectivedate">Reserve Bank of India</a> has allowed non-resident Indians to exchange the defunct Rs 500 and Rs 1,000 notes till June 30. This facility will be available through <keyword id="30067" type="ORGANIZATION" weightage="100" keywordseo="RBI">RBI</keyword> offices in Mumbai, Delhi, Chennai, Kolkata and Nagpur. 
 In a notification issued late night on Saturday, the RBI said that resident Indian citizens who failed to deposit <keyword id="2055438" type="UNKNOWN" weightage="100" keywordseo="old-notes">old notes</keyword> and were abroad between November 9 and December 30, 2016 can avail themselves of this facility up to March 31, 2017, and NRI citizens could do the same till June 30, 2017. 
 While there is no limit set for exchange when it comes to resident India, the limit for <keyword id="58225" type="ORGANIZATION" weightage="100" keywordseo="NRIs">NRIs</keyword> will be Rs 25,000 per person. This facility however can be availed once per individuals upon submission of identification documents and evidence showing that they were abroad during the period.

NRIs can still deposit old notes at RBI branches till June 30

When the cost of an employer-provided health insurance plan is compared to the cost of an Affordable Care Act plan bought on a state health insurance exchange, the ACA plan will be more affordable on average, <a href="http://www.pwc.com/en_US/us/health-industries/health-insurance-exchanges/assets/pwc-hri-health-insurance-premium.pdf" target="_blank">a new analysis</a> from PricewaterhouseCoopers' <a href="http://www.pwc.com/us/en/health-industries/health-research-institute/" target="_blank">Health Research Institute</a> finds.
"In 2014, the premiums for health plans offered on new state exchanges under the Affordable Care Act (ACA) are comparable to - and in some cases lower than - those being offered by employers with similar levels of coverage," the analysts concluded. "The data suggest the new exchanges are competitive with the current insurance market."
The analysis is based on employer-sponsored premiums of 156 million people in 2013. Here's an infographic illustrating those numbers (this is the median annual price for each kind of plan):
<div class="KonaFilter image-container full"><div class="image"><a href="http://familiesusa.org/product/marketplace-health-plan-premiums-are-competitive-employer-based-coverage?src=media">Families USA</a></div></div>Because the cost of an insurance plan varies significantly from person to person, these median prices do not reflect realities for every individual. But overall, the cost of insurance on the exchanges is competitive: about 4% less than employer plans, before taking subsidies into account.
Some of those cost savings come from the exchange plans' narrower networks - that's fewer available doctors and hospitals to choose from.
But what about all those news stories about people whose premiums had shot way up? Those were often people whose pre-ACA insurance did not meet even the most basic standards set forth by the law.
"Some of the sticker shock noted among enrollees in the new exchanges is due to more comprehensive insurance coverage in the exchange plans," the PwC analysis notes, citing research in <a href="http://content.healthaffairs.org/content/early/2012/05/22/hlthaff.2011.1082" target="_blank">Health Affairs</a>. "More than half the people in the individual market had coverage below the bronze level of 60%, the lowest level in the exchanges."
That means that the people most likely to see their rates going way up were people whose insurance would not actually have helped them much when they needed it most.

Turns Out Obamacare Premiums Aren't More Expensive After All

<div class="KonaFilter image-container float_right"><div class="image on-image">Getty Images/John Moore</div></div>"If you like your health care plan, you can keep your health care plan." This was one of President Obama's key talking points when selling the Affordable Care Act, and it was never true - as many of the 14 million Americans currently covered by individually-purchased health plans are now learning.
As Kaiser Health News reports, individual market insurers are sending out <a href="http://www.kaiserhealthnews.org/Stories/2013/October/21/cancellation-notices-health-insurance.aspx">rafts of cancellation notices</a>, telling subscribers they have to change to new plans starting in 2014. Here's why:
1. Some old plans don't meet new requirements under the ACA. Starting in 2014, most health plans will have to cover 10 "<a href="http://www.uhc.com/live/uhc_com/Assets/Documents/EssentialHealthBenefits_Overview.pdf">essential health benefits</a>," from hospitalization to maternity care to dental care for children. Most will also have to limit out-of-pocket expenses to no more than $6,350 for an individual plan or $12,700 for a family plan. And they'll have to meet a minimum "actuarial value," generally meaning that across a standardized population, the insurer will have to expect to pay at least 60% of health care costs incurred by plan participants.
If your existing plan doesn't meet these requirements, it's likely that it's getting canceled. And since the new plan you're getting will offer more comprehensive coverage, it's likely to be more expensive, especially if you're young and healthy and don't qualify for a premium subsidy.
2. Some existing plans have especially sick participant pools, so insurers want to end them. Kaiser notes that some insurers appear to be targeting existing "guaranteed issue" policies for cancellation. These are policies that were designed to serve participants with pre-existing conditions, who are likely to have had especially high health care costs. Assuming the exchange websites are working properly, these individuals are probably going to be better off exchange plans anyway.
What's arguably more surprising is that so many existing plans in the individual market are not getting canceled. Starting in 2014, there will be two individual health insurance markets: One that operates through the <keyword id="6579869" type="PERSON" weightage="60" keywordseo="ObamaCare">Obamacare</keyword> exchanges, and one operating outside of them. Most regulations on insurance (for example, insurers have to offer coverage at fixed prices regardless of pre-existing conditions) will apply to individual plans both on and off the exchanges. But the subsidies that the ACA provides to help individuals buy coverage will only be available for exchange plans.
If subsidies are only available inside the exchange, and the regulations are mostly the same, why would any insurers offer plans outside the exchange, and why would anybody buy outside? There are a few reasons:
1. Not everyone can get a subsidy anyway. You can only get a government subsidy to help with your insurance premium if you make less than 400% of the federal poverty line, which is $45,960 for a single adult in 2013. If you don't qualify for a subsidy, you may be indifferent about whether your plan is sold on the exchange or not. Larry Levitt, an insurance expert at the Kaiser Family Foundation, notes that some people who are already insured in the individual market might prefer to continue working with the same insurer or insurance agent, and therefore may want to skip the exchange.
2. Grandfathered plans can only be sold outside the exchanges. Plans that existed before March 2010 are exempt from some of the requirements under the ACA. For example, they do not have to offer free preventive care and they can impose annual limits on benefits. For these reasons, grandfathered plans may be cheaper than new plans, and participants currently on them may want to stay on them. They'll have to buy outside the exchanges to do so.
3. You don't need to deal with an exchange website to buy non-exchange plans. In the long run, once the exchange websites are working well, this shouldn't be a big deal. But for now, one big point in favor of the non-exchange plans is that you don't have to deal with Healthcare.gov to buy them.

You Searched For "premium on exchanging old notes" and got 12 results

You can now earn interest on exchanging old notes but there is a catch

BI India Bureau

Here’s what happened when a man requested RBI to exchange old notes left by his dead father

BI India Bureau

Demonetisation: Today is the last day for over-the-counter exchange of old notes

BI India Bureau

Demonetizations digest: cheaper home loans and under banked India making headlines

BI India Bureau

Here’s how Crores of old notes are getting exchanged without queuing up in banks

BI India Bureau

Demonetisation: You can exchange old notes only at RBI counter till Dec 31

BI India Bureau

Prime Minister Narendra Modi's mother sets an example by exchanging old notes at Gandhinagar bank

Poulomi Das

This is the impact of the nation's largest insurer leaving Obamacare

Bob Bryan

Sapphire Foods India lists at 11% premium on exchanges

Bhakti Makwana

NRIs can still deposit old notes at RBI branches till June 30

Poulomi Das

Turns Out Obamacare Premiums Aren't More Expensive After All

Lauren F Friedman

Here's Why So Many Americans Are Getting Letters Saying Their Health Insurance Is Canceled

Josh Barro

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