I can't believe the collective stupidity in assuming that influential black money hoarders will EXCHANGE their notes behind closed doors. You don't exchange money behind closed doors. You STEAL it. Especially when it's being printed out of thin air without constant public tracking of how much is being printed, where it's being dispatched etc.. without adequate mechanisms to catch out cash that goes missing in transit from RBI to banks.sample pic of IT-raids going on where large stashes of new notes are being confiscated, from http://www.thenewsminute.com/article/while-you-were-waiting-queues-these-bureaucrats-were-caught-rs-47-crores-new-notes-53708
>> see the cases, the circumstances.. they're more ripe for outright stealing the new notes rather than exchanging them with old ones. Do you seriously expect the operators here to take double high risk : in getting the new notes out AND getting equal value of older notes in?? That too the latter would only happen AFTER a supposed transaction. So anyways for any exchange to happen behind closed doors / away from the bank counters, the new notes would primarily have to be taken away. Why would the operator bother breaking back in to put old notes? And he'd have to put them in another place, where the old notes are. And one can't easily explain this away in the accounting system. Much easier to simply burn them off and move on.