Wednesday 25 May 2022
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33 dubious bank officers punished

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New Delhi: The government has promptly taken note of several bank officials found circumventing the law post-demonetisation to aid hoarders of cash and other black money operators. These officials were found prima facie involved in “irregular transactions violative of RBI’s instructions post-demonetisation of specific bank notes by the government with effect from midnight of 8 November 2016,” the Ministry of Finance has said.

The ministry has informed the people that “27 officials of various public sector banks have been placed under suspension and 6 officials have been transferred to non-sensitive posts.”

The press release has praised the honest workers in banks in the same breath. “Banks have done commendable work by putting in long hours of untiring effort in managing banking transactions,” the press release reads.

“While all efforts are being made to facilitate genuine transactions, illegalities will not be tolerated and appropriate action will be taken against individuals involved in irregular and unauthorised activities,” the government said.

These punishments come in the wake of reports as well as rumours emanating from different parts of the country on how some people are using ingenious methods to come to terms with the economy that is increasingly turning digital. In recently, Rs 5.7 crore cash in new currency notes was recovered from two businessmen. This is part of Rs 152 crore of unaccounted money the Income Tax department has seized from the city.

In Delhi, it was rumoured that some men were moving around with new Rs 2,000 notes to offer them to hoarders of notes that have turned invalid. If this is true, it is not possible without active connivance of some bank officers with these money exchangers. The law will also have a tough time catching up with the ways in which the old Rs 500 and Rs 1,000 notes can be utilised by these shady operators.

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