Bankers used customer details to help hoarders
When bankers systematically changed money for the black money hoarders in large scale, they were also benefited.
Chennai: Ever wondered how bankers helped the corrupt to amass new currency bundles after demonetisation? A day after 27 bankers of PUSs were placed under suspension by the government for alleged irregularities in transactions after demonetisation, a senior income tax official talked about the background that led to crack down.
“They just used details of hundreds of accounts holders in the bank, which could be belonging to you and me, showed the exchange against those accounts and helped the black money holders to change the currency in large scale at a commission rate varying between 18 to 20 per cent,” an income tax official said.
“One had to show the identity proof, from the know your customer (KYC) dossier, to exchange old Rs 4,000 notes to new ones. The bankers already have your KYC details. They used that to exchange money belonging to somebody else. All these exchanges are recorded as over the counter transaction which will not be reflected on your account book. So you will never know if the banker had used your identity or bank details to exchange old notes belonging to somebody else. By the time government came to know about it, damage was already done and that is how crores of rupees in bundles of new pink coloured Rs 2,000 notes ended up in the hands of certain people,” explained an IT official, when asked about the modus operandi of bankers who helped black money holders.
“If they have done something wrong, they are punishable. We cannot support such people, in sensitive matters like this. We are for a clean banking system,” said C.H. Venkatachalam, general secretary, All India Bank Employees Association, when this newspaper contacted him.
When bankers systematically changed money for the black money hoarders in large scale, they were also benefited. “The exchanges were carried out by the bankers, for a commission ranging from 18 to 20 percent. So if they change Rs 1 crore old currencies belonging to a black money holder, the bankers get at least Rs 18 lakh. It may not be carried out by one person but probably a team of bank employees had been doing it together,” income tax official added.