Citizens' Issues
Public Interest Exclusive
Illegal drug trials: SC asks government to take corrective measures

Indore-based Swasthya Adhikar Manch has alleged that illegal drug trials have been conducted and without the approval of the drug controller. This shows a serious lack of transparency, accountability and monitoring of clinical trials

Hearing a writ petition against the rampant illegal and unethical drug trials conducted in India, the Supreme Court has expressed serious concern over the issue and has asked government to take corrective measures. The bench of justices RM Lodha and HL Gokhale granted further time of six weeks time to Medical Council of India, the Madhya Pradesh government, along with ministry of health and family affairs, to file their reply.

A petition was filed by Indore-based non-governmental organisation (NGO), Swasthya Adhikar Manch (SAM), seeking an inquiry into alleged illegal clinical trials of untested drugs in various states of the country on adults, children and even mentally ill persons in this country. It has also stated that there are increasing numbers of deaths occurring during these trials. According to the petitioner some of the trails have been conducted without the approval of the Drug Controller General of India (DCGI).

While hearing the petition, the bench observed that, “This is very unfortunate. The government of India must take corrective steps.”

“The Union minister of health and family welfare in a recent answer on 13th March to a question in Rajya Sabha pointed out that during the last three years—2009, 2010 and 2011—a total of 1,229 trials were conducted in which 1,743 deaths occurred in and 2,163 deaths in the last five years, as per data collected from the Rajya Sabha and RTI (Right to Information) documents. It was also mentioned that only in 22 cases of death in 2010, the compensation has been paid by sponsors/clinical research organizations,” SAM said in a statement.

The court has also granted SAM time to file a rejoinder affidavit. SAM, in a statement, said that, “The counsel for Swasthya Adhikar Manch, Sanjay Parikh, pointed out that it has been acknowledged by the minister of health and family affairs that illegal trials have been conducted and some of them are even without approval of the DCGI. He also mentioned that no ‘placebo trials’ should be conducted in the country. The judges remarked that the situation is serious and deaths are taking place”

Meanwhile, the Supreme Court has refused the plea of India Society of Clinical Research (ISCR) wanting to impleaded in the case. The apex court sought information about its legal status for operating in the country.

The NGO in a statement said that, “The Hon’ble judges remarked that the situation is serious and deaths are taking place. On the application for impleadment filed on behalf of ISCR, the Supreme Court sought information about its legal status for operating in the country. The counsel for the petitioner pointed out that contract research organizations outsource and offshore the clinical trials on behalf of the multinational drug companies and ensure one window solutions for getting approval from the DCGI.”

According to SAM, “Not only the most essential principle of inform consent is rampantly violated, but the conflict of interest is clearly visible in these clinical trials. This shows that there is serious lace of transparency, accountability and monitoring (during clinical trial and thereafter) which is resulting in conduct of the clinical trials illegally and at the cost of health and human lives.”

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Personal Finance Exclusive
Is the bank customer there to be taken for a ride?

Goldman Sachs executives invariably described their clients as ‘muppets’, a disparaging term equivalent to ‘bakras’ in Hindi. Indian banks seem to have similar attitude to their customers, according to this first-hand account

I am a “classic customer” (whatever that means) of HDFC Bank. On 22nd February, I got a message from the bank saying that I had withdrawn a certain amount of money from an ATM on 31st January. This was strange because normally one gets such a message immediately after using the card and that is most welcome and efficient way of doing things.

The card number in the message was correct but I had not drawn the money. I checked to make sure that the amount, which was substantial, had not been debited to my account. I enquired with my “personal banker”. (I do not understand this concept of personal banker, but more about that later.)

When I called her about my problem, she said it was a system error and if the amount had not debited to the account, there was nothing to be worried about. This attitude tells you how much a bank cares for you. She also said that she would take it up with the concerned department. When I got no feedback from her, I wrote to the MD of the bank.

I immediately got a call from a senior officer from my branch expressing regret for the message. She also admitted that the matter is serious and such a thing should not have happened. I also got a mail from the MD’s office expressing deep regret and once again blaming the technology. The bank also complimented me for having taken the trouble of bringing this to their notice and how helpful I had been!

My question is why does the bank not realise that its system is malfunctioning and causing trouble to its customers? I wrote to the MD’s office saying that the excuse of technology being the culprit is unacceptable. Banks these days try and hide their inefficiencies behind the technology that they chose and implement. My second mail has not been answered till date. However this incident raises more concerns.

My big problem now is: What if the bank debits the said amount on a later date, saying that the technology had failed and the amount was debited by mistake to someone else’s account and that the mistake is rectified now? What do I do if this happens? To this there is no answer.

The second incident happened with the same bank. I got a message that there was an amount outstanding in my demat account; that I must regularize the account immediately and that I should contact their nearest branch. My demat account is linked to my savings account and all charges are directly debited to that account. The amount involved was very small and hence the possibility that my account did not have sufficient balance was most unlikely.

The next day I got a message to ignore the message sent the day earlier and expressing regret if any inconvenience was caused. I think apologizing with such phrases is an absolute insult... Once again the explanation was glitch in technology!

 I can understand such messages going to customers who do not have sufficient balance in their accounts. Subsequently I found out that many demat holders of the bank had received this same message on the same day.

The third incident was with IDBI bank. I wanted to transfer money from a savings account to an FD. I did the transaction online and I was told I will get the FD receipt by post. However, I realised that the amount was not even debited to my savings account. I went to the branch and asked why this has happened.

I was told the system does not accept transactions in joint accounts! The banks themselves rightly advise customers to have joint accounts as far as possible and to have nominees for all accounts. I was informed the system is designed like this and so the FD was not created!

This is ridiculous. The process did not ask me whether I wanted to make the FD in a single account or a joint account. Since my savings account is a joint E or S (either or survivor) account the FD should have been on a joint account unless instructed otherwise.

I spoke to someone I know in the bank. I was told that the bank would have to make changes in the system. Only the IT company could do that and the bank would have to pay. I was also informed that such changes have been carried out by another which uses the same software!

I think many people suffer such cruel jokes from most banks. Private sector and foreign banks, which are so proud about their “superior technology”, are the worst offenders.

I go back to this concept of personal banker. The lady designated as my personal banker once called me and said she would like to meet me. I went to the branch and asked why she wanted to meet me.

She said she could offer me many products. I said I do not need that advice since I am convinced that young bankers these days hardly understand banking. I am not willing to take investment advice from such people. Then she asked me to at least invest in an FD through her. I told her I can make an FD online. Why do I need her for this?

If the customer does not need them, why create personal bankers at all?

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COMMENTS

param

5 years ago

i think the underlying problem is that banks are not allowed to price their services at cost+margin basis. e.g. if sending a statement by post or courier costs 5 rs or 20 rs, it should be charged as such, with cost of staff involvement. this should in return reflect in realistic interest rates for sb/fd. if this is implemented, it will expose the actual price of services & innovation will be rewarded by customers at large. problem is that rbi insists on some pricing to be skewed as a populist measure by govt & banks try to find ways to make it up by unfair means. not that it justifies their stance. one basic issue is banks doing non-banking activities - rbi must put a stop to % based commissions on such transactions & move it to flat fee based which reflects the cost+margin model. this will ensure that banks do not sell insurance at the cost of ignoring DD creation...

dayananda kamath k

5 years ago

certaily otherwise indian banks can not make profits. rbi as well as every financial regulators finance minsistry everybody is interested in protecting bankers and promoting them and protecting them from your insurance premiumes paid to lic. i have brought all these matters to every authority concerned but no action so far even to the president of india as owner in trust of the public in public sector banks. then also it is of no avail. they create a big issu as to why army chief has not given written compolaint, but written complaints are not acted upon for years. or deliberately mistinterpreted to protect the concerned. i suggest everyone send a post card to president asking her to act on complaints by me. it will sort out lot of bank customers grievances.

Alwyn

5 years ago

I've had a worse situation with HSBC bank where I had issues created w.r.t my credit card, my savings bank account, my relationship manager - all over a 6-8 month period. I faithfully documented each issue as it happened and wrote to the bank and the bank wrote back to me each time with a repeat message on how sorry they were. In past two qtrs I was penalized approx.Rs. 1650 per qtr debit for not maintaining my relationship account balance. When questioned about how come I had to pay monetarily when not keeping my side of the bargain while the bank got away with serious issues by expressing regret, I was merely refunded the amounts.

In one fell stroke, the bank made an issue of serious systemic problems an issue of charges - one which I told them i can very well afford, without addressing the core issues.

Similar incident in a country like US/UK would have got them into legal trouble, but here writing to the nodal officer has not elicited a reply to my last two mails where I pointed the REAL issue !!!

At least in India, I firmly believe that the common man is truly a 'muppet'

REPLY

Prakash

In Reply to Alwyn 5 years ago

I agree with you. I bank with Kotak Mahindra Bank and as you said everytime they goof up or do not keep on the right side of the rule, they just apologise. 1) When I write to them they are supposed to address the problem in a certain time frame. Everytime they reply, it is beyond that time frame and it has become a stock reply apologising for the delay and assuring of a prompt response in future. That 'future' never comes. 2) When there was a shortfall in ATM withdrawal, bank is supposed to make good within 7 days. After a much follow up it was credited after over 20 days. Bank is supposed to pay penalty at Rs 100 per day for the delay in crediting without the claim from customer. Yet I had write to them for crediting the penalty amount. That too has not been paid for all the days. Try paying their credit card due amount late by even one day and they will levy an interest. Your apologising won't do. 3) The 'system goofup' is another escape route. No penalty to the bank for that. If your computer goofed up in making their payment in due time, it is not excused. 4) Delay in issuing TDS certificate is another menace. Again an apology is all that is offered.

It is a one-way street.

dayananda kamath k

In Reply to Prakash 5 years ago

it is purely maximising profits by any means. when any extrenuous charge is levied only 50% will object or complaint use your delayi ng tactics 50% of that will not followup again then someboady will be still persisitant and use his connections or take matters to higher authorities or regulators refund him with aplogy a token amount . if he further perisits pay the full amount at this level also another 50% will not respond so out of 1005 charged only 12.5%you have to refund and balance 87.5% is pure profit worth taking the risk. only and only the regulaotrs step in and ask the bank to refund to all those who have been charged with penalty this system will change.

Alwyn

In Reply to dayananda kamath k 5 years ago

Yes. the laziness/busy nature - whatever the general reason of the common man for not protesting is certainly the primary reason for the unfair practices. DNC was formulated by authorities after the protests grew louder and regular. Similar thing should happen here before the Ombudsman wakes up. Right now he's busy rejecting over 70% of complaints.

girish prasad

5 years ago

this may be . but i never meet with single incident in mumbai .it may be due to mumbai culture.
if we are knowing rules they are bound to follow.a personnel bad experiance may be due to a single member of bank

Aban

5 years ago

In India, all banks, be it a PSU or a pvt. one, treat the common mass of savings bank holders as dirt. In fact, opening an account itself is so very humiliating even in the largest bank of the country and the other PSU banks that one feels humiliated and insulted. In West Bengal and Delhi, account holders are positively insulted and threatened in the SBI if they insist on TDS certificates (which, as per the income tax law, the bank is legally liable issue) or go for updating their passbooks. Similar instances galore in almost all PSU banks all over the country and the unions in these banks, including the officers' unions, are all supported by Leftist parties (and other political outfits). In the private banks, only corporates are entertained and whatever savings accounts they condescend to operate are those that the corporates open as the salary-linked accounts of their own employees. One can never, for example, reach any manager in any pvt. sector banks, and the only way to communicate with one's bank branch is through IVRS operated inanimate medium. This is all supported and encouraged by the RBI which is least bothered if the banks, even in the public sector, refuse to accept its dictats. RBI, for example, has categorically asked the banks NOT to refuse to accept cheques across the counter against receipts, but not one PSU bank cares to follow this and all are forced to depend upon drop boxes which are opened, in many cases, once in a blue moon.

The truth is that, the nameless commoners must suffer in this country.

REPLY

MK Gupta

In Reply to Aban 5 years ago

Aban is so right. A PSU Bank gives house construction loans to a houseowner, after taking the original documents into custody, only through cheques issued in favour of the contractor engaged by the owner! The sheer incredulity of the matter is baffling-since, while the property is valued at more than Rs. 5 crores and the amount of loan just 40 lakhs, the bankl has no faith in the credibility of the owner but in a contracor whose PAN is also not insisted upon! And, if in midcourse, the owner is compelled to change the contractor, who naturally is bound to take advantage of the amounts being released to him, a new contractor has to be nominated to enable the bank to issue cheques in his name. This shows the disgraceful manner of banking culture in India.

param

5 years ago

"Then she asked me to at least invest in an FD through her." this is the outcome of irrelevant target setting...
i already have a account with icici bank & do 100% of my work online. a while back, i went to a branch nearby to get an account statement in hard copy. after providing me the same, the staff wanted me to open an account - i said i already have an account with you. but they said please open one in this branch - i said how does it benefit the bank - as i'll only be splitting the money into two accounts raising their expenses. she said this is a new branch & they have targets...

R Balakrishnan

5 years ago

Well said, Anil. Today's banking is something where we hope that some system glitch does not bankrupt us. And resolution takes long unless we have a personal " reach". There is no response unless you are either someone who is commercially important or has clout to create a nuisance.

Anil Agashe

5 years ago

HDFC bank after pursuing for an year for my expired debit card has asked me to come to delhi to collect from the parent branch as i am 'untracable by them.

This is the message that I have received from Mr Shailesh Pathak a serviceman in the army. Just goes to show how careless banks are with customers. Can he not collect the card in Pune? And why does it take one year when you have his contact details?

Deepak R Khemani

5 years ago

Being a classic customer myself I received a call some time last year from my personal banker informing of a scheme wherein 15% returns were assured, on prodding further I was told it was an Insurance policy and when asked that you cannot give a 15% return assumption when IRDA Allows only 6% and 10%, the call was disconnected and have never received a call in the last year ever from my personal banker!

Vikas Gupta

5 years ago

From all the messages & my personal experience, one can easily conclude that now a days Customers are supposed to be treated as BAKRAS to sell third party products by these so called Relationship Managers of the banks. They would sell you each & every financial product whether you require or not, whether it suited you or not but they would not provide Services related to Banking Transcations which they are supposed to privide us Legally.

REPLY

Prakash

In Reply to Vikas Gupta 5 years ago

The Relationship Managers are meant to sell you 'other' products by which the bank can make money. And if you happen to be an 'aware' investor and refuse to be fooled by the RMs, then the bank and the RM loose interest in you and you start getting ignored. Till the time the bank and RM have hope that you will invest in one of their products, all the charges get reversed. They will accomodate you every which way. The moment they realise that you are not going to invest (and thus fooled) in any of their products, the charges stop getting reversed and you do not get any special service nor attention.

So much for the 'Relationship'.

bhaskar

5 years ago

Never have the demat account and savings bank account with the same company!! Better to keep them segregated.

Dr Vaibhav G Dhoka

5 years ago

Customer i.e ordinary citizen in India are bakras at hands of authority in present it is banks.I give my experience.Muthoot Fincorp came out with NCD and Indusind Bank was its banker to issue.The terms were application money interest payable from date of realisation of cheques.In our case cheques were realized on 12/12/2011.Company's registrar says bank has informed realisation date as 13/12/2011 and paid interest accordingly.When contacted local Pune branch said that they have informed date as 12/12/2011 but main Mumbai office has informed it as 13/12/2011.Nor bank or company has botherd to address customers grievance.

Pattabhi

5 years ago

These technology related problems will always be there, as after all the IT guys who design systems and programs are also human and do not have full domain knowledge. That is whey we need "Users Forums" where these glitches can be discussed and corrected. I have been suggesting this to my Bankers, SBI, without much success.

REPLY

deepaksb

In Reply to Pattabhi 5 years ago

Its vest of time and energy to suggest any thing to Public Sector-govt.owned banks.

My SBI netbanking account-does not show term deposits AT ALL.Bank has generated multiple login IDS and still SBI and its highly paid officers are not able to fix the problem.-pending for over 5 years.

Oriental bank of commerce-bank/FD interest TDS can not be viewed on netbanking account (pending for over 6/7 years)

HDFC bank even after opening salary account (pan no.is compulsary for salary accounts-even 8/10 years ago) did not deposit TDS and my income tax refund could not be adjusted for TDS.

Excuse given by HDFC PAN NO NOT AVAILABLE !!!!! MATTER WAS ESCALATED TO MR.ADITYA PURI AND THEN THE ISSUE GOT RESOLVED AFTER 6/8 MONTHS.

INDIAN ACCOUNT HOLDERS ARE DEFINETELY TREATED BY SOME BANKS AS BAKARAS !!!!!!!!!

Prakash

5 years ago

I have been having similar issues with Kotak Mahindra Bank. I received Rs. 1,000 short from their own ATM. I immediately lodged a complaint and got service request number with an assurance that the amount will be credited in my a/c in 7 days. The credit did not happen even after 11 days. Instead a SMS alert came stating that my service request was closed. I called up the Customer Service and inquired as to how they could close a service request without any resolve. They had no answer. Then I received SMS saying it was a mistake and I should ignore the earlier SMS.

I have more harrowing tales of Kotak Mahindra Bank. They were all ready to help and extend all kinds of services when they were growing. Now that it has established itself reasaonably well, the same customer is unimportant for them.

They themselves upgraded my accounts to Priority promising and assuring that it was not linked with my relationship value and without my asking, issued a Platinum Card. Then they remove my accounts from Priority citing less relationship value and then charge me a whopping Rs. 2,000 per Platinum Card as Annual Fees. It seems by such means old and loyal customers are milked only to make new customers by offering higher interest rates.

Public Interest Exclusive
Counterfeit currency from ATMs?

When such a currency note pops out at you from an ATM, you can do nothing about it. Take it back into the bank branch, the staff with write ‘FAKE’ or similar on it in thick marker ink, indelible, and you are on your way, poorer but not wiser. The RBI has to be much more proactive to stop the menace

The rapid expansion of the 24x7 ATM (automated teller machine) network for cash disbursement has been a great boon. It has proved to be greatly beneficial to people as it reached out to Indians and India across all social and economic categories. No more surly bank tellers; no more borrowing money till the bank re-opens, and certainly no more pulling out cash and keeping it in safe custody for exigencies. There is an ATM everywhere—the most amazing one, at the entry to a forest reserve. Out in the middle of almost nowhere, a 24x7 ATM ready to provide cash to those who would need it.

But Eden always ends up having a snake, and in this case it is the rising incidence of counterfeit currency popping out from unguarded and unregulated cash dispensers, something which is considered heresy and absolutely impossible in developed countries. The reason is simple. By and large, modern ATMs have, for the past few decades now, operated on a simple principle—they simply shut down if they dispense fake currency.

In some cases, not only do they shut down, they also automatically summon the law enforcement agencies. In the case of counterfeit currency, this is considered as important as protecting the life of the president, for example, in the US. It is the same agency, the “Secret Service”, which is assigned both roles, such is the importance given to this function, safeguarding currency’s provenance at all costs.

Here in India, however, it appears that this is not the case. I am writing this from Goa, where every shopkeeper, restaurant owner and what we would call “general public” has more than a few tales of being stuck with counterfeit currency. Some of the fakes are really amateur stuff, but others, which have been around for some time, and have generated their warnings in terms of serial numbers, are impossible to detect. ‘FICN’ (fake Indian currency note) appears to have a life of its own.

And when such a currency note pops out at you from an ATM, you can do nothing about it. Take it back into the bank branch, the staff with write ‘FAKE’ or similar on it in thick marker ink, indelible, and you are on your way, poorer but not wiser.

I have been able to discuss this in great detail with middle-level bank staff across the country, and what I learn is shocking. It appears as though the quiet unwritten rule is for bank staff to discreetly get rid of known FICN that may have entered their ‘system’ by loading it into ATMs, and then deny things vigorously if an alert customer brings up the issue.

Having researched this subject for years now, I have learnt that:

# There is no real 100% or even random checking of currency when it is accepted at bank branches. Moneylife has written about this before. (Counterfeit currency—the new pandemic) It gets even worse as you head away from the metro cities—where tellers and accountants appear to have hardly any training or knowledge on the subject.

# The currency thus collected is often bundled up, counted, and then retained in the branch or sent to bigger branch offices or Reserve Bank of India (RBI) currency chests or equivalent. No real check on the FICN is introduced at this juncture.

# The same currency is then used for stuffing ATMs, often from the bank branch itself, where there never was any machine to check FICN anyways. This also ensures wider dispersal of FICN, thereby hiding its origins.

All this is from ATMs which are owned and operated by banks. Matters are bad enough here, especially when you as a consumer use the ATM of another bank or branch which is not your ‘home’ branch/bank.

But it gets worse. Now comes the news that non-banks will soon be permitted to operate ATMs. Referred to in the trade as “white ATMs”, there will be private entrepreneurs who will operate such machines. (Read more: White label ATMs proposed by RBI — need to make them safe and user friendly)

What are the safeguards here? Who is monitoring the provenance of the currency notes being dispensed, what is the need for ‘white’ ATMs? No answers. Who will you complain to and in what way, when you get a fake note? Again, no answer.

It is high time the RBI took a serious look at things, instead of pointing towards the Indian Penal Code and its archaic provisions on fake currency notes and took some pro-active steps. In the first instance, ATMs of all sorts, bank-owned or white, need to simply shut down the moment they detect a FICN. This may certainly cause widespread problems in the early stages, but the issue here is simple—as an Indian, I deserve nothing less.

Currency notes in India are not confetti for a Monopoly game. We deserve better treatment, this new technology called ‘ATM’ was designed to serve us, not loot us.

(Veeresh Malik had a long career in the Merchant Navy, which he left in 1983. He has qualifications in ship-broking and chartering, loves to travel, and has been in print and electronic media for over two decades. After starting and selling a couple of companies, is now back to his first love—writing.)

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COMMENTS

OPS

5 years ago

While drawing cash from a bank...do ask the cashier if note is Made in India...& see the grin!!

SANarayan

5 years ago

My daughter was faced with a similar problem from one the ATMs of HDFC Bank with whom she has an a/c. When I took up with the bank, as expected they refused to accept responsibility saying all their notes are pre-checked before loading in the ATM. This is a bland statement because the loading of Atms is outsourced to pvt parties and the banks do not monitor as closely as claimed.
Can the software companies not come up with an application in the ATM which can scan every note while dispensing and give those numbers of notes as a receipt to the ATM customer alongwith the statement of withdrawal . If that is done the source of the fake note can be proved by the customer to the bank and the bank can in turn track the ATM loading service provider and the menace can be stopped at least from the banking channels. This suggestion may be forwarded to RBI by the author and further exploration can be done with software companies by RBI.

REPLY

malq

In Reply to SANarayan 5 years ago

Thank you for wriiting in, SA Narayan ji.

If all bank constituents would raise this pro-actively with their branches, then something could be done. On our side, we are trying our best.

Please do take this up with your bank branch, IN WRITING. Otherwise it will contiinue AND become worse.

Best/VM

Deepak R Khemani

5 years ago

If you have been dispensed a fake note at the ATM or have got it across the counter when withdrawing from the bank and you come to know of it later its your problem, as the article says you can do NOTHING about it, its about time someone (Moneylife) took the lead and a large group of people, RTI activists and the general public got together and did something about this issue with RBI or whoever is actually responsible for this, how can a person be penalized for a crime he has not committed?

REPLY

malq

In Reply to Deepak R Khemani 5 years ago

Dear Deepak R Khemani ji, thank you for writing in.

Most certainly something needs to be done. History shows that when people lose faith in their own currencies, then it is either civil war, a revolution, or invasion, that follows.

I am doing my best by highlighting this real problem and will request you to do so too. Please.

It is also my contention that the sanctity of currency and its provenance in India is not being taken seriously for a variety of reasons.

As of now, RBI points fingers at the Indian Penal Code and its existing provisions on this matter. You may read more on this in my previous articles here:-

http://www.moneylife.in/article/78/7308....

http://www.moneylife.in/article/78/7202....

http://www.moneylife.in/article/78/7245....

http://www.moneylife.in/article/counterf...

http://www.moneylife.in/article/8559.htm...

brgds/VM

Kalpesh

5 years ago

Veereshji,

Can you write on how to identify or visible signs of a FICN?

Thanks.

REPLY

malq

In Reply to Kalpesh 5 years ago

Kalpesh ji, thank you for writing in.

Very good question.

Here is a link to one article on the subject:-
http://www.howtoarticlesabout.com/identi...
I believe banks have to display this as well as provide constituents with a copy - though I have NEVER seen one displayed at an ATM to date.

I am also researching if there are any more recent inputs from RBI or Indian Government on the subject.

rgds/VM

prashant n

5 years ago

Isn't it a better option to promote the use of debit cards at POS Terminals, instead of withdrawing cash from ATM and than paying the shop keeper.
Why are Indians so obsessed with cash?

And, by the way, are you sure than ATM's are the root cause for the FICN?

Are the customer's 100% trustworthy?

REPLY

Vaidya

In Reply to prashant n 5 years ago

Yes. True. The customers may not be trustworthy. But that is no reason for the Banks also to be not trustworthy. I have a Rs.1000 with me which is declared to be not acceptable by a Bank. The only source for me to get cash of this denomination is from two PSBs. But I am aware that there is no way to prove it. I am holding on to it, instead of encashing, to ensure that so much less in India out of fake currency, which es estimated to be Rs.12,00,000,00,00,000. A Judge has rightfully said even God can not save India.

malq

In Reply to Vaidya 5 years ago

Dear Vaidya ji, thank you for writing in.

1) I know what you mean. Please pass this article along, please forward it to as many bankers as you know, and please ask your bankers to let you know what steps they are taking to prevent the further movement of FICNs.

2) In context with the note in your possession, please be aware that even that can be a crime, so to mitigate matters, please write on it in HUGE BLACK MARKER PEN "FAKE" "COUNTERFEIT" "FICN" and then retain it or let me know if you want me to start an RTI on it.

You can eMail me at veereshmalik at gmail dot com or c/o editor here. A scan copy of the FICN will do and if you wish I shall run the RTI with RBI.

regards/VM

Vaidya

In Reply to malq 5 years ago

Thanks for cautioning me. The matter is a few months old. I may not persue this. At the same time, I will be alert next time. Thank you once again.

Prakash

5 years ago

I wish to know whether my bank, Kotak Mahindra Bank, has taken any measures to check this menace. I guess an RTI cannot be filed for a pvt bank. Can I write a letter to the MD asking what measures have been taken ? And he is liable to reply ? I would like to know how it can be done. Please advice.

REPLY

malq

In Reply to Prakash 5 years ago

Dear Prakash ji, thank you for writing in.

I would suggest you please query the Reserve Bank of India as well as the Ministry of Finance in context with this question.

Incidentally, I have attended seminars on banking fraud, and the approach seems to be in all cases bar none, private Indian, private foreign, coop or PSU banks, to literally "pass the (bad) buck."

It is my humble submission that history tells me that when a government pays no attention to the genuineness of its currency, then a drastic change - revolution, civil war, something - has always happened.

humbly submitted/VM

Prakash

In Reply to malq 5 years ago

Can I request you to give me the names and addresses of people to address at RBI and MoF ? Thanks.

malq

In Reply to Prakash 5 years ago

Dear Prakash ji, thank you for writing in.

Here is the link to the RBI RTI page.
http://www.rbi.org.in/scripts/righttoinf...

Please feel free to let me know if you need any help.

rgds/VM

Prakash

In Reply to malq 5 years ago

Thank you for the right guidance. I will surely write to RBI as well as Ministry of Finance. I may need your help in improving the draft.

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