Till date, the IT department as conducted around 200 raids for new notes and as of now Rs 159 crores has been seized in new Rs 2000 notes. Government is of the opinion that officials of banks, private or public, are playing some games and are actively involved in this conversion.
Given below are 7 ways through which banks are converting black money into white;
• Misuse of identity cards
After 8th of November, customers queued up outside the banks with their PAN cards and ID details, so as to exchange or deposit money; but they had no clue that these details would be misused without their knowledge. Yes, you heard that right; some bankers misused PAN cards and carried illegal transactions, without giving the slightest idea to customers. Do you know how did they do this? Some customers used to come more than once to exchange their old currency. Banks used to turn them away and then, their details were used for facilitating illegal transfer.
• ATMs
Since 8th of November, ATMs have gone dry. People are waiting eagerly in long lines, so as to withdraw their money. However, IT Officials, CBI and ED have found that some bankers have teamed up with security and service agencies, responsible for replenishing ATMs and have diverted the money meant for ATMs to black money holders.
• Jan Dhan accounts
Many cases of Jan Dhan accounts being misused have come to light. One case is that of a person having a Jan Dhan account in Bengaluru’s Vijayanagar branch. Earlier he had just Rs 500 in his account, but all of a sudden, he got a credit of Rs 2 lakhs. When he went to the bank for withdrawing the money, they simply turned him away.
• Demand Drafts
This is indeed the most popular way of abusing money and converting it to white. All that needs to be done is getting a demand draft by paying old notes. Then, after sometime, cancel it and get new notes. If the amount is below Rs 49,000, there would be no one to question! How smart…
• Commission
This is mainly seen in rural areas, where illiterate people have no knowledge whatsoever. Bankers are issuing cash without ID cards; they display that the cash was already existing in their accounts and in turn, charge a commission of up to 25 percent on every transaction.
• Fake accounts
There have been many cases, wherein customers’ documents have been used for opening new accounts (Fake). What the bankers do is show deposits in old notes and withdrawals in new ones. Since the balance is “0” at the end, the accounts become defunct.
• Co-operative banks
Not all co-operative banks have a hard-core banking system; in some banks, the computerized records are very weak and hence, they backdate deposits, so as to play safe and covert black money to white.
We hope further investigations are carried out; this should be ended as soon as possible! What’s your take on this? Do share your views in our comments section below.
