Tuesday, October 13, 2009

RBI authorised black money

Now one can forget the hassle of carrying large pactkets or cash for bribing someone. Just walk in to a bank and buy some'prepaid' gift cards with VISA or Mastercard branding. You can buy in lots below 50,000 rupees without giving any identity proof. You get a prepaid card, with stored value. Unlike many gift cards that can only be cashed at designated outlets, this can be used to draw cash from any ATM.
The receipient can just keep the card for as long as he pleases. In a tax raid, these cards are unlikely to get noticed, given that people are used to seeing multiple cards. And it is so convenient. The bribe can be paid in the government offices itself, since you are not carrying cash, but mere plastic!!

Of course, the RBI will not do anything. Someone has to 'bring it to their notice'.
This can happen only in our country, where on one hand we talk about corruption and on the other, we have the government owned banks facilitating in creating 'black' money!!

These can also be used overseas, so you can imagine the possibilities!!!
Mera Bharat Mahaan...


Anonymous said...

I have few points -
1.A cash withdrawal cannot happen outside the country.
2.It has the same functionality of a debit card - how can you think that Income tax people & anti-corruption people ignore such things ? they always seize all credit/ debit cards when spotted !
3.When you can carry 50,000 in cash, as per the laws of the country, why not in cards?
It is all mindset !! So much noise is being made whenever any high denomination currency is introduced. What if tomorrow a new 10000 note is released?
4. The income tax authority allows cash transactions up to 50,000. so what if , for the sake of convenience & comfort, the same is done through a card?
5. there are always two sides of coin. Try to see the better side !! Tell me which act/ system/ law/ leader/ blah.. blah .. is having only one side in the country ?

Concerned but not frustrated said...

Hi, Frustrations Amalgamated, Cool. No one is gaining by Frustrations.

Frustrations Amalgamated said...

Valid points, Sir. I stand corrected as regards the cash withdrawal. Of course, everything, as you say, is a matter of perspective. My point was simple. To pay a bribe, you no longer have to carry bundles of currency with you. The card is named as a 'gift card', so obviously it is not for one's own convenience.

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