Demonetisation: Be careful Someone mayhave already use your ID proof to exchange cash


21 Jun 2013
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Did your bank officials tell you that you ID proof has already been used to withdraw new currency notes? If so, you have been a victim of security breach, where someone has already misused your PAN/Aadhaar card without any attestation to exchange notes.

Several people across the nation were forced to return empty-handed from banks in the last four days, following the Centre’s decision of demonetising old Rs 500 and Rs 1,000 notes, as banks ran out of cash within the first few hours of opening.

Anna Isaac went to Axis Bank on Saturday in Bengaluru, hoping to exchange Rs 3,500. Upon producing her PAN card and mobile number, she was shocked to learn that someone had already used her PAN card to exchange Rs 4,000 the previous day, The New Indian Express reported .

The bank official then asked her for an alternate number, and the only number Anna could remember was her mother’s and she was given cash against it.

“So, what is it? Did someone use my PAN number? Because it’s a breach of my security…” Before I could finish, she tells me, “No, mobile number,” as she hands over the cash, The News Minute reported .

However, her colleague who visited State Bank of India branch to withdraw cash told her that she was not required to provide any mobile number.

Anna said, “Axis bank isn’t my bank, so how would the official even know about a ‘withdrawal’? Did the bank official get my PAN number wrong or did someone really misuse my ID without my knowledge and whom?” the report added.

Anna isn’t the only victim of a possible security breach. Bengaluru MBA student Abhilasha Gowda had to return cashless, even after hours of waiting in a long queue, as someone had already misused her Aadhaar card details.

“The manager said there was no such software to check where and by whom the money was exchanged. I was told the government, not the bank was answerable for the anomaly,” Abhilasha told The Times of India .

Income Tax department needs to tighten the noose on banks

At this juncture, when banks have too much power in their hands, the IT department must implement stringent rules over all the transactions they process. If not, any official could easily forge few hundred ID proofs for black money hoarders and help them convert it into white money, while keeping a cut as their commission.

Two bank employees booked for exchanging demonetised notes worth Rs 6 lakh without identification proof

V. Mallesh, a clerk, handed over demonetized notes of Rs 1,000 and Rs 500 to cashier Radhika and collected equal amount worth Rs 6 lakh in new currency notes of Rs 2,000. They were booked after the manager lodged a complaint with the police.

Even though they claim that the purpose of the crime was for personal use, officials and police, however, don't believe that the money belonged to him. The source of demonetised notes is yet to be known.

Loopholes over exchanging notes

No regulation: At a time when hoards of people are rushing to banks, officials find it difficult to regulate and keep track of every transaction they input. Also, some pose as relatives of old or disabled able, and some say their relatives are based outside India.

There were also reports of IDs being sold across photocopying shops. Regarding the PAN card incident, State Level Bankers’ Committee convener M Mohan Reddy said, “We collect the necessary details of every person who deposits money in the banks, using our in-built system. It will verify all the details of a customer,” he said. He added that the banks would look into the issue of PAN card misuse” The New Indian Express reported.

Multiple ID proofs: Although people are permitted to withdraw Rs 4,500 once in the next 50 days, people may have three-four ID proofs which they can present to different banks on different days. Several photocopying outlets have ran out of ink, as millions are photocopying all ID cards to find their way through the newly implemented law.
What is the proof of identity?
Rahul Srivastav, a police officer from Uttar Pradesh, tweeted:


Important: Prevent Misuse of Yr ID Proof in
#bank deposits & exchange. Pls read & share #uppolice #DeMonetisation

Be cautious: While submitting the photocopy of your ID proof, make sure that you mention the purpose of exchanging old notes, along with the date and your signature.

Several others have taken out on twitter the precautionary measures one must take:

Shaukat Ali Betgeri
@uddhavthackeray ..2 uddhavthackeray sign ID proof with date and time to avoid misuse. Your well wished.

((( JP )))
Just a word of caution: Please RT
In the ID /PAN card copy, please mention how much you are depositing. This is simply to prevent misuse.

sudhanshu srivastava
After every exchange of 4000 Rs person should get SMS so that his ID can not be misuse for blackmoney exchange by brokers. @arunjaitley

When @UIDAI ’s Aadhaar based eKYC offers paperless authentication, why are we opting for the misuse prone paper based ID authentications.

Valid Identity proof is any of the following: Aadhaar Card, Driving License, Voter ID Card, Pass Port, NREGA Card, PAN Card, Identity Card Issued by Government Department, Public Sector Unit to its Staff.

Demonetisation: Be careful! Someone may have already used your ID proof to exchange cash | Business Standard News
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