Bharat Rakshak

Dipanker wrote: I admit I have followed this thread only sporadically, so must have missed the the subtle logic behind replacing the Rs 500 note by Rs 500 and Rs 1,000 note by Rs 2,000 with the objective of re monetizing using a smaller denomination.

Accusing him of exchanging five original Rs 2,000 currency notes with the ‘Children’s Bank of India’ notes, Delhi Police has arrested a 27-year-old man who worked at an ATM cash loading company in connection with the fake notes that were dispensed by an SBI cash machine earlier this month.

The 27-year-old accused, Mohd Isha, had been employed with a logistics and cash management firm for over a year. He was the custodian of the cash deposited in the SBI ATM in Sangam Vihar on the day the bogus notes were dispensed.

Romil Baaniya, DCP (South-East), alleged that their investigation pointed towards Isha’s role in replacing the notes. “No one else had access to the notes that day. He removed five genuine notes and replaced them with the bogus notes which are easily available in the market and are used by children for playing purposes,” Baaniya said.

Sources said the vehicle carrying the vault containing the notes had been taken to Deoli area in south Delhi for replenishing an ATM there before heading to Sangam Vihar. “He must have made the exchange in Deoli. He was the only person who could have meddled with the currency notes,” said an investigator.

The police have not recovered the allegedly stolen notes by Isha, a resident of Sangam Vihar and a graduate from Pratapgarh in Uttar Pradesh. “We can’t say with certainty that the ₹2,000 notes currently in his possession are the ones stolen by him. Also, it has been a while since the crime happened, so he must have spent them,” explained the investigator.

Police said their probe revealed that the fake notes were available in many markets in Delhi for ₹40 for notes worth ₹2 lakh. “We need to ascertain from where he purchased the churan notes,” the officer said.

The notes, dispensed on February 6 from a SBI ATM installed in Tigri in Sangam Vihar, read ‘Children Bank of India’ in place of Reserve Bank of India and ‘Guaranteed by the Children’s Government’ in place of Guaranteed by the Central Government.

Read more

Children Bank of India currency notes? Cop doesn’t believe it, pays the price

Fake Rs 2,000 notes: Another ‘Children Bank of India’ victim steps forward
‘Churan lable’ in place of the latent image and a fake ‘PK’ logo instead of the bank’s seal, are among some of the other obvious deviations on the note. A policeman who visited the victim at the ATM used his own card to withdraw a ₹2,000 note, but he was dished out a similar note after which a case was registered and the ATM temporarily sealed.

The matter had come to light on February 6 when Rohit, a call centre employee, visited the SBI ATM to withdraw ₹8,000. When the notes were dispensed, Rohit noticed the deliberate mistakes on the notes like ‘promise to pay the bearer two thousand coupons’ and ’Serial number 000000’. With the bogus notes seized by police, Rohit was left with just a little over ₹400 in his bank account.

1. Bharatiya Manoranjan Bank instead of Bharatiya Reserve Bank
2. Serial number 000000
3. Rupee sign missing
4. Churan Lable instead of strip with leaf markings
5. P.K. logo instead of RBI seal
6. I promise to pay the barer two thousand coupens (sic) instead of I promise to pay the bearer the sum of two thousand rupees
7. Governor’s signature missing
8. Churan Lable instead of the Ashok emblem
9. Children Bank of India instead of Reserve Bank of India
10. Guaranteed by the Children Government instead of Gauranteed by the Central Government

http://www.hindustantimes.com/delhi/chi ... PjgyO.html

SRoy wrote:So, ATMs cannot detect fake notes?

In a bid to promote cashless transactions, banks have started charging a specific transaction amount after a certain limit in the case of cash transactions. HDFC Bank, ICICI Bank and Axis Bank have already decided to implement the new charges. Other banks are expected to follow suit soon. According to HDFC Bank, people who hold savings accounts don’t have to pay any transaction amount up to 4 transactions from the home branch but with every additional transaction, the customer has to pay an amount of Rs 150.

People may withdraw or deposit up to Rs 2 lakh from their savings or salary accounts through the home branch for one month. Transaction exceeding this amount will be charged with Rs 5 per Rs 1000 or a minimum amount of Rs 150. Earlier this limit was up to Rs 50,000. In the case of non-home branches, daily transactions up to Rs 25,000 are non-chargeable, but above this a charge of Rs 5 per Rs 1000 or a minimum amount of Rs 150 is applicable. However, senior citizens and children will not be charged any amount.

rahulm wrote:HDFC, ICICI, Axis Bank slap charges on cash transactions

JohnTitor wrote:To a non-resident, does that mean that you get 4 free cash withdrawals/deposits a month after which you will be charged 150 per transaction? or 5 per thousand? So on my 5th transaction, I would be charged 15 for 3000rs?

Rishi Verma wrote:http://m.ndtv.com/india-news/5-men-tryi ... topstories

Any guess on the peacefulness of the five that were caught? Hint not buddhist, not rasta,

Karan M wrote:of course limited sample size and all, but post demo, effects are still lingering with shortage of change and overabundance of 2k notes. merchants are cynically hoarding all change and so i suspect are the fatcats.

asgkhan wrote:

Rishi Verma wrote:http://m.ndtv.com/india-news/5-men-tryi ... topstories

Any guess on the peacefulness of the five that were caught? Hint not buddhist, not rasta,

Jains ????

asgkhan wrote:

Rishi Verma wrote:http://m.ndtv.com/india-news/5-men-tryi ... topstories

Any guess on the peacefulness of the five that were caught? Hint not buddhist, not rasta,

Jains ????

While the overall impact on demonetisation "was very deep in November and December", he said it has started improving in January and "I think by now we are almost done and I believe that by end of March we will be through".

habal wrote:discretionary spending by Indian middle class & lower middle has taken a huge hit after demo and esp in the India outside bangalore & delhi. The two growth hubs. Most shops in small towns and B-grade cities selling furniture, steel furniture, utensils, cupboards, crockery, kitchen & bath fittings, pillows/mattresses/bedwear furnishings are still empty throughout the working day waiting for customers while shopkeepers look longingly outisde. The only shops that have crowds are ladies garments, churidar, genuine fresh seafood, restaurants. Basically necessary spending.

habal wrote: Most shops in small towns and B-grade cities selling furniture, steel furniture, utensils, cupboards, crockery, kitchen & bath fittings, pillows/mattresses/bedwear furnishings are still empty throughout the working day waiting for customers while shopkeepers look longingly outisde.

asgkhan wrote:

Rishi Verma wrote:http://m.ndtv.com/india-news/5-men-tryi ... topstories

Any guess on the peacefulness of the five that were caught? Hint not buddhist, not rasta,

Jains ????

Austin wrote:Demonitisation: Auto, tractor sectors suffer Rs 8,000 crore revenue loss

http://www.newindianexpress.com/busines ... 76711.html

"We have worked out by using some kind of formula that tractor and auto industry lost Rs 8,000 crore revenue in November and December," Goenka told PTI in an interaction.

He explained that the way calculation was done was "what would have happened versus what has happened" based on growth rate up to October and "if that growth rate had continued in November and December".

shiv wrote:Why do you people laugh when Pakis say we lost $8 billion because we would have earned so much if our left hand was not so soosaidal?

The court filings of the tax department in the case of Ruia also detail the modus operandi of the entities to convert black money into white. It said that a Kolkata-based brokerage firm, Intellect Stock Broking Pvt Ltd, allegedly helped Ruia buy 41.71 lakh shares of Unno Industries in 2011 at Rs 1.79 a piece through preferential allotment.
The court filings state that in the next two years, the owners of the brokerage, through Kolkata-based shell companies Nimbus Vincom Pvt Ltd, Viewlink Dealer Pvt Ltd, Vedant Commodeal Pvt Ltd and Touchwin Dealcomm Pvt Ltd, rigged the share prices of Unno Industries through circular trading (buyers and sellers are connected) in its shares. As a result, the shares of Unno Industries in 2013 touched about Rs 38 a piece with Ruia’s stake valued at about Rs 17 crore. Ruia then funded the same shell companies, allegedly bringing in the black money into these shell firms, which subsequently bought Ruia’s stake in Unno Industries, the court filings state.
The I-T has alleged that Ruia later claimed tax exemption on the profit of Rs 17 crore he made through trading in the penny stock. The brokerage and the shell firms also received a commission of 4 to 6 per cent from Ruia, the department said.

The case against Ruia comes at a time when the government is working on measures to curb the menace of domestic shell companies which are used to convert black money into white.
Investigation agencies have identified close to 30.000 shell companies in Kolkata alone. Most of these shell companies, according to the I-T department, share the same office address and employ dummy directors — typically “people of no means” to act as fronts for the main operators.
For instance, in the case of Ruia, at least three shell firms, Viewlink Dealer, Vedant Commodeal and Touchwin Dealcomm, have listed a common address as their registered office address, according to the Registrar of Company (RoC) website.
In July 2015, the Special Investigation Team (SIT) on black money recommended proactive mining of RoC database by government’s fraud office to weed out shell companies. This, after the SIT found shell companies had been used to provide accommodation entries to launder black money in a number of high-profile cases investigated in the recent past.


The SIT pointed out that there were 2,627 individuals holding directorships in more than 20 companies in violation of Section 165 of the Companies Act, 2013. There were also 345 addresses that were being used by at least 20 firms each. Data compiled by the Ministry of Corporate Affairs showed that the total number of such companies was 13,581.

habal wrote:discretionary spending by Indian middle class & lower middle has taken a huge hit after demo and esp in the India outside bangalore & delhi. The two growth hubs. Most shops in small towns and B-grade cities selling furniture, steel furniture, utensils, cupboards, crockery, kitchen & bath fittings, pillows/mattresses/bedwear furnishings are still empty throughout the working day waiting for customers while shopkeepers look longingly outisde. The only shops that have crowds are ladies garments, churidar, genuine fresh seafood, restaurants. Basically necessary spending.