That`s how the rich get richer and poor get poorer...no rocket science to decode that. Licences should be suspended and penalties imposed. Its akin to theft, robbery, dacoity, hawala, benaami,,,,what have you.
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Talking about ways to convert Black money to White... This happened when I was sitting across a loan officer in one of the PSU banks. A customer walks in and sits besides me to inquire about a certain loan product for a few lakhs and he also ended up mentioning that his main intention was to convert his Black money to White!!! He was of course a business man with a few shops / workshops etc. I started wondering how could he achieve his goal???... I am still wondering BTW :)
It is happening in all banks for sure. Drug peddlers, smugglers, arms dealers park their money in Swiss Banks which is not retrievable. Real Estate, cinema/entertainment world bring back black money through Asian Tax heavens and small people like Doctors, Charted Accountants, Professionals and Self Eployed resort to Banking channels to saved income as a white asset.
New license should be put on hold. If the banks with supposed to be good professional managements are doing this means one can imagine what the banks under Anil Ambanis, Shriram and other groups would do. RBI neither has the powers or willingness to control. After all when government is supporting all the malpractices and has always protected the black money stashed abroad, RBI`s hands also tied.