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My bank manager's story of black money and demonetization in Kerala.
1. The manager was posted in Malappuram, Kerala, during demonetization. Had lots of Harmful customers who had just Rs 2,500 in their accounts and were applying for loans, claiming poverty.
1. The manager was posted in Malappuram, Kerala, during demonetization. Had lots of Harmful customers who had just Rs 2,500 in their accounts and were applying for loans, claiming poverty.
2. When demo happened, they all came running to the manager, asking him to help them park Rs 1 crore to Rs 3 crore cash in his bank. When he refused they offered him 25% per crore. That's Rs 25 lakh cash for each crore he can help them whitewash.
3. They begged and cried before him, saying the money would be useless for them if he didn't help and if caught they would end up in jail because it was gained through illegal means.
4. Who knows, perhaps it was the commission from Pakistan's fake notes programme. Pakistan's ISI used to pay Rs 300 in fake for each genuine Rs 100 in Indian currency.
5. The manager replied: "Burn it then." He added, "Here's one man (Narendra Modi) trying to implement something that is of vital importance to India's economy and you are expecting me to undo his work? Sorry, I won't do it."
6. The manager reiterated what is now common knowledge: "Cash has lost its importance and today it's extremely difficult to conduct large transactions in black. The economy has become largely transparent."
7. "We ask for the source of every deposit we accept. Because of the hassle of dealing in black, the average Indian now prefers to do everything in white."
That's what the #2000Note withdrawal is all about - another major blow against black money.
Ends
That's what the #2000Note withdrawal is all about - another major blow against black money.
Ends
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