Monday, 13 February 2017

Demonetisation: Banks, hoarders nexus under lens

By Udumula Sudhakar Reddy

The CBI has orally asked all vigilance wings of banks to keep a tab on their staff following information that managers and other employees are conniving with black money racketeers and allowing multiple exchanges of demonetised notes against the RBI quota.

Incidents have been reported at Hyderabad and Guntur wherein multiple exchanges of Rs 4,000 is being done with different ID proofs. CBI sources said that they can book cases only if specific complaints are filed. A top CBI source said, “We have learnt about bank staff, along with black money racketeers, using multiple ID proofs for mass exchanges of demonetised notes in multiple names. We haven’t received any specific complaint. We have asked internal vigilance wings of banks to keep tabs on the staff.” Central government banks and postal department employees come under the purview of the CBI probe.

Can’t track driving licence
Banks have no mechanism to check how many times a person visits as there is no link with the driving licence database of the RTA.

ED sources said, “Auto-rickshaw drivers in the city are mostly off the roads. Racketeers are using them for their driving licenses by paying Rs 200 to Rs 300 each time for standing in queues for Rs 4,000.” Even in rural areas, agricultural labourers are being used to change demonetised notes at banks and post offices.

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