New Startup of corruption in Banking System – Demonetization of 500-1000 Notes  

New Startup of corruption in Banking System – Demonetization of 500-1000 Notes 

 ‘Banking World’ (other than Co-op Banks) was almost free from corruption before the incidence of demonetization of Rs. 500 and Rs. 1000 currency notes. But now after many years even bank officers / employees have got a chance to become corrupt that too with new currency notes. It can be said that with the issue of new notes a new type of corruption has come into scene originating from banks in bulk.

Corruption in following ways have pervaded into banks which is absolutely against the purpose of demonetization:

> 1. For exchange of Rs. 4000, I D Proofs are being highly misused. At E-Mitra Centers, Aadhaar Centers, PAN Card Offices and various other places thousands of photo copies of I D Proofs are lying.  These I D Proofs along with forged signature on the  Form requesting for exchange of Rs. 4000 are sent at the houses (Out side the bank premises)  of bank officers / employees (Bankers). And at the end of the day,  new notes after deducting share / commission of such Bankers are collected  or  home delivered. This is how people and bankers are fooling the Govt. by being at home and without going to banks.

> 2. As per prevailing practice and airing in the open market, High managerial persons in some Co-Op Banks (owners in true sense) are selling the new notes in bulk quantity. Some of these Co-Op Banks also operate PAN card Centers so they have I D Proofs in good numbers in their approach. Apart from that, even a bank branch  also holds a lot of ID proofs of their customers as part of KYC.

> 3. As per rule, each person is required to be present in person for exchange of notes and in absence of own presence an authority letter is required to be given to the person exchanging on his/her behalf. But no personal presence or authority letter is being forced / taken by such  bankers and people in whose name notes are being exchanged are completely unaware of such conspiracy.

> 4. This is a type of cheating with people in whose name notes are being exchanged without their knowledge of such exchange and even the Govt. is being deceived.

> 4. Poor, unemployed, private employees and private factory workers have also found a new source of income. It is has become their daily job to get notes exchanged on behalf of their employer on fake / original I D Proofs. Per day wages of unemployed labour has reached upto Rs. 1000/-. Such casual / unemployed labours are blessing Modiji from their heart.

Vijai Singh Rathod