Is RBI directly involved in fraudulent note exchange?

One of the issues bothering ordinary citizens is the fact that Enforcement Directorate has been seizing a lot of new currency notes in many raids even while there is a shortage in the Banks.

So far, the suspicion was only on bank managers and we are aware that both in Delhi as well as in Bangalore several branch managers have been questioned and a few perhaps have been also arrested. The rumour that RBI may cancel the license of Axis Bank also emanated from the reports that several branches of Axis Bank were involved in systematic conversion of old notes to new notes in a fraudulent manner.

Now a report has emerged in social media in Bangalore that RBI may also be directly involved in the exchange of currency at least in one instance in Bangalore.

The whistle blower’s report is specific and it has been forwarded to the PMO. I hope there will be immediate action in this regard.

If this incident has happened in Bangalore, then RBI will not have any moral right to take action against either Axis Bank or any other Bank for the malpractices. Also similar incidents should have happened in many other RBI offices.

It is very sad that these institutions which we need to respect are themselves untrust worthy.

I have already requested the PM to announce a whistleblower policy in this regard and if Mr Modi himself makes a request and provides a channel of communication, then many bank employees both in commercial banks as well as RBI will turn into whistle blowers and we can unearth the huge amount of new currency that is being diverted to the black money holding people, most of whom are the politicians who are crying for the blood of Mr Modi.

If Mr Modi does not take immediate action, these fraudsters who are well connected will drag on this conversion until the end of 5o days limit which Mr Modi has asked to set things right and ensure that the situation will not improve.

Then the budget session of Parliament will also be a wash out with a demand for resignation of Mr Modi.

Waiting to see how this incident is handled by the PMO.


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About Vijayashankar Na

Naavi is a veteran Cyber Law specialist in India and is presently working from Bangalore as an Information Assurance Consultant. Pioneered concepts such as ITA 2008 compliance, Naavi is also the founder of Cyber Law College, a virtual Cyber Law Education institution. He now has been focusing on the projects such as Secure Digital India and Cyber Insurance
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