Demonetisation and The Bank Cartel
Post By Gautam lal on 21-December-2016
Everyday we hear people(inc. bankers) discussing about how corruption has spread to the roots of "the system" and their experts on how the government must work to eradicate corruption. They expect the corrupt people to change (for the betterment of the nation) themselves and that government must take inexorable actions against them. [which must be the ideal case]
On 8th November 2016, when after 70 years of system degradation, the government took a brave decision to null and void all the black money in the form of currency notes, the people(bankers) who were given sole responsibilty of the ground operation and were supposed to work honestly (and some are working honestly), turned greedy instantaneously. They discovered an opportunity to earn loads of cash because "obviously" money is more important than nations benefit and bringing equality into the system. Let the general public suffer because they don't care.
So, next day the great planning began and "The Bank Cartel" came into existence. Peons, Clerks, Managers, Executives and a few trusted outsiders (the agents) all were roped in and explained the execution plan. [The plan included] opening shell accounts, depositing in and withdrawing from jan dhan accounts, using the ids of their employees, people who were their to exchange the currency (they were given less amount than the limits set, for a reason) and faking some of the ids, they exchanged the money.
They fixed the commission rates and started finding customers(which was easy considering the demand). From politicians to govt. officials, small businessemen to the wealth creators everybody had sacks full of old currency notes which they wanted to save anyhow and BAM ! they found the source (the banks) and 10-20% was not a heavy price to pay in this situation.
According to a retired senior bank executive, more than Rs.1 lakh crore out of Rs. 5.5 lakh crores has been used to replace the old black currency for the new one.
Because of these Cartel Members, common people suffered because of unavailability of cash in the banks, the honest bankers will suffer the consequences of the future investigation and a great loss which the nation will have to bear due to the greed of these people.
Lets thank the Honest Bank members for working round the clock and hope that "the cartel members" will be apprehended soon.