Scandals In Crores Through Demonetization Scheme – Banking Formulas of Converting Black Money into New Notes  

Scandals In Crores Through Demonetization Scheme – Banking Formulas of Converting Black Money into New Notes

Banking Formula of converting Black Money into New Notes by many Banks, Branches of various Banks and especially Co-Operative Banks including private co-operative Banks have caused scandals  of Crores in the Demonetization Scheme. As a result new notes are being sold openly at a discount of 20 to 40% . For the 1^st time in the history of India, Indian Currency is being traded in this huge manner.

 You can get as many new notes as you like from the Kings of Co-operative  Banks. This extreme kindness of Co-Operative Banks in small cities of Rajasthan like Sirohi,  Alwar, Bharatpur, etc. have generated an excellent source of income. Co-Operative banks are using following Banking Formulas to convert Black Money into New Notes but except  for Central Co-Operative banks, no restrictions have been imposed on large number of Private Co-operative  Banks.

>1. ‘Inactive / Dormant Bank Accounts’ are soft targets. Old notes are being deposited in inactive accounts, signatures on withdrawal slips are being forged and new notes are being withdrawn. No person can be accounted for such inactive bank accounts. No document is required for doing such breach. At many places withdrawal slip is made / will be made after withdrawing the money when they will feel free.

>2. . In many saving accounts (without knowledge of the account holder) old notes are being deposited and on the same day new notes are being withdrawn by a false withdrawing slip so that the balance of such accounts does not change. In case, any account holder comes to know about such entries then such bank explains to them that by mistake amount was credited and so a debit entry is also made to rectify the mistake. Again no document is required for doing such breach. At many places withdrawal slip is made / will be made after withdrawing the money when they will feel free.

>3. For exchange of Rs. 4000 ID 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 sign on Form requesting for exchange of Rs. 4000 are sent at houses of bank officers / employees and at the end of the day, new notes after deducting share of bank officer / employee are collected  / home delivered. This is how people are fooling the Govt. by being at home and without going to banks. Such things were happened even in public sector banks also.

>4. Some Co-Operative Banks also operate PAN card Centers so they have I D Proofs in good numbers. Copies of these I D Proofs with forged signature are being used for withdrawal of Rs. 4000 / 4500. As per rule, you are required to be present in person for exchange of notes and in absence of your presence an authority letter is required to be given to the banker exchanging on your behalf. But no personal presence or authority letter is being forced by many bank branches  and people in whose name notes are being exchanged are completely unaware of such conspiracy.

>5. Most scams for exchange of Rs. 4000 / 4500 are openly being done in all banks but cheating through bank accounts is mostly being done by Co-Operative  Banks.