New Delhi, December 2
The Prime Minister Narendra Modi’s bold decision to check black money has become cash cow to a few bank staff and officials. There are allegations that these erring staff is exchanging old notes with new currency notes worth huge sums by taking commissions.
After the Rs. 500 and Rs. 1,000 notes were banned, the RBI had printed new currency notes worth Rs. One lakh crore and distributed to the banks in the country. It was alleged that the officials and staff of both national and private banks have given Rs. 40,000 to Rs. 50,000 crores of new currency to black money holders.
Police and CBI cases were registered against as many as 1,000 bank staff on the charges of irregular transactions. Another 100 staff were suspended from jobs over allegations of money distribution against rules.
The Central government is keeping a vigil on bank transactions in the wake of allegations that bank staff is exchanging new currency with old one by taking commissions.