Chitra Subramaniam| The News Minute| June 13, 2014 | 6:13 PM IST
Among the many discussions in Switzerland about bank accounts, transparency and accountability is one below-the-radar piece. It concerns minting of high-denomination Swiss currency notes, especially the 1000 franc Swiss note (CH 100 = INR 6,654). That piece of money is not yet been re-looked and re-designed, but conversation about that happening has entered the language.
Banking sources confirm to The News Minute that there is a political discussion about the “grosses coupures” or big bills that have been stowed away in the innards of vaults and safes in the Alpine country. Nobody quite knows what to do with this hot potato but banks have reportedly informed people to remove what in effect is a cash-stash in the event of a re-designing of the bill. This is not expected to happen in a rush, but as the Swiss say, if people are informed slowly, they will act fast. Money, we know, has no colour and no taste, but this is a problem of design.
There are two caveats associated with this advice. First, some clients are finding it physically difficult to transport the cash – how many suitcases can you hide in purse or under your hat. Secondly, since word is out in banking, financial and political circuits about this possible shift in mint, it will become increasingly difficult to camouflage large numbers of old currency and recycle it, as new ones will be in circulation. In other words, a lot of people could be stuck with a lot of cash and nowhere to go or show. For the novice, that process is called walking through water which throws people and animals off the scent, just like in the films about Indians and cowboys.
But there’s hope. It appears there is a service in place and as with every service there is a charge depending on the face of demander. Agents are offering to transport the trunks and bags for a commission pegged to their whim and fancy and the degree of desperation of the cash-stasher.
We told you, where there’s money, there will be gnomes!