This school shows parents how to convert black money

With black money hoarders running from post to pillar to get rid of their illegal money, a private school claims that it is offering a “goldern” opportunity to the parents.

A notice board put up at the private school in Bengaluru reads: “Dear parents a golden opportunity for you to pay 10 years fees well in advance by using your old ₹ 1000 and ₹ 500 currency notes”.

The management of VES Model Convent, Magadi Road, Tavarekere, Bengaluru now has landed itself in a soup, as most parents have refused the opportunity.

The school now claims that it wants to use the money for “developmental work.”

“We offer 10% discount for parents who pay 10 years fees at a time and we will use this money for development works. Students who pay the 10 year fee in advance will not have to pay any additional fees, even if we hike the fees structure. Our intention, however, is not to help black money hoarders” said S Suresh, the school principal clarified.

The parents claim that the management posted the notice on November 9, soon after the announcement of cancellation of old currencies.

“This notice of VES convent is offensive. Acceptance of banned notes is not allowed in private schools. I urge the government and IT department to take severe action against the school management” said Shashikumar B, Karnataka Private Unaided Schools Association (KAMS)

The parents have not made any positive response to this offer, rather many they have accused the management of helping the black money hoarders.

What legal experts say?

• Schools are permitted to collect annual fees. The law doesn’t allow the schools to collect fees of a decade.
• Use of old currencies are not permitted after the announcement of demonetisation of ₹ 500 and ₹ 1000 currencies. If any school collects old currencies it would be a violation of directions given by RBI and Income Tax.   
• Helping black money hoarders in any form is a violation of law.

• bengaluru
• black money
• school