Newsmakers

A Rajasthan farmer's unusual attempt to keep his ₹5 lakh savings safe has ended in a bizarre financial loss. According to reports, the farmer, identified as Mangilal Meghwal from Newai village near Pachpadra in Balotra district, had received the money after selling a piece of land.

Instead of depositing the cash in a bank, he reportedly decided to bury it in his agricultural field, fearing theft and concerns that family members might spend it. The money was packed in a plastic bag and hidden underground, without telling his wife or sons.

Months later, when he needed funds to build a room on the farm, he went to retrieve the cash. However, he could no longer remember the exact spot where he had buried it. Despite searching across his 10-bigha field, he was unable to find the money.

Nearly a year later, during the monsoon season, the buried plastic bag resurfaced from the soil. The farmer's wife and son reportedly spotted it while working on the farmland. But what should have been a moment of relief quickly turned into disappointment.

The ₹5 lakh in currency notes had been badly damaged by termites. Several ₹500 notes were reportedly found torn into pieces, leaving the family with severely damaged cash. They subsequently approached State Bank of India branches hoping to recover the money, but reports say their attempts were unsuccessful.

The incident is a striking reminder that hiding money is not necessarily the same as keeping it safe. Cash buried underground can be exposed to moisture, insects, termites and physical deterioration. RBI rules do provide procedures for exchanging certain damaged or mutilated notes, although severely damaged currency may require special assessment.

What began as an attempt to protect a family's savings ultimately left the money vulnerable to nature. The Rajasthan farmer's bizarre experience offers a simple financial lesson: when it comes to substantial savings, a secret hiding place may be far riskier than a secure and documented method of storage.