The government should immediately stop exchange of currency notes of higher denomination as it is akin to a big scam to convert black money into white. Some corporate and business groups are using employees pan cards or other details to exchange their cash without their knowledge with the help of their bankers. Also, we have submitted our pan details or aadhar card to some department be it for ticket bookings or mobile companies. These are being manipulated by many fraudsters to convert money without our knowledge which is shocking.
Government should ask citizens to deposit higher currency notes in bank accounts for proper check and balance. This is the only way to safeguard the new scam which has emerged as most bank accounts are ‘KYC compliant’ and more easy to trace fraudsters. Corrupt people will find ways to convert black money into white and government should remain vigilant so that no new black money can be generated in future.
S.N. Kabra
(The views expressed by the author in the article are his/her own.)
