More

    Black money is in foreign banks, properties: AIBEA

    Must Read

    Liquid oxygen tank with storage capacity of 10.6 tons installed and commissioned at Gotri Hospital

    Oxygen is crucial in the treatment of Coronavirus and the dedicated hospitals in Vadodara are taking every...

    Maj Gen VK Sharma Sena Medal assumes command of Golden Katar Division

    Major General VK Sharma, Sena Medal, has taken over as General Officer Commanding of Golden Katar Division...

    Health Minister Harsh Vardhan says, corona vaccine will be available by early next year

    Health and Family Welfare Minister Dr. Harsh Vardhan has expressed hope that COVID-19 vaccine would be available...

    The withdrawal of 500 and 1,000 rupee notes from circulation will not help in fighting black money as it is stashed away in foreign banks, foreign currency, gold or in the form of other assets, a top leader of the All India Bank Employees Association (AIBEA) said.

    “Everyone knows that black money is mostly in foreign currency, in foreign banks, in gold or in properties and less in cash. Hence, this steps alone is not going to help in unearthing black money,” AIBEA’s General Secretary C.H. Venkatachalam said

    “Secondly, the problem of fake notes is also not going to be contained by this measure. So long as we cannot check the root cause of fake notes, new sets of fake notes will come into circulation,” he added in a statement.

    According to him, there are about 85,000 bank branches of commercial banks and about another 100,000 branches of co-operative banks.

    “There are also about 102,000 ATMs (automatic teller machines) across the country. Unless RBI can supply the new notes to the banks branches and ATMs, which is not possible within the next 24/48 hours by any stretch of imagination, common people are going to suffer more since Rs 500 and Rs 1,000 notes have become very common in usage by everyone,” Venkatachalam added.

    On Tuesday evening, Prime Minister Narendra Modi caught the nation by surprise when he announced the cancellation of 500 and 1,000 rupee notes as legal tender.

    The announcement immediately sparked panic nationwide and there was a huge rush at ATMs to withdraw 100 rupee notes.

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    This site uses Akismet to reduce spam. Learn how your comment data is processed.

    Latest News

    Health Minister Harsh Vardhan says, corona vaccine will be available by early next year

    Health and Family Welfare Minister Dr. Harsh Vardhan has expressed hope that COVID-19 vaccine would be available...

    Maj Gen VK Sharma Sena Medal assumes command of Golden Katar Division

    Major General VK Sharma, Sena Medal, has taken over as General Officer Commanding of Golden Katar Division of Indian Army on 18...

    Health Minister Harsh Vardhan says, corona vaccine will be available by early next year

    Health and Family Welfare Minister Dr. Harsh Vardhan has expressed hope that COVID-19 vaccine would be available in the country by early...

    Dubai suspends Air India Express flights till Oct 2 for flouting Covid-19 guidelines

    The Dubai Civil Aviation Authority has suspended Air India Express flights till October 2 for allegedly bringing passengers with Covid-positive certificates twice...

    Sushant Singh Rajput death: Bombay HC to hear bail pleas of 3 accused in drugs case

    Bombay High Court is on Friday scheduled to hear the bail pleas of three people, including actor Rhea Chakraborty’s associate Samuel Marshal...

    More Articles Like This

    - Advertisement -