Hon. Mr. Prime Minister

I am a banker, so I want to report the ground reality

Do we, as a banker, like your scheme?   Yes

Do we like the implementation of the scheme?    No

Now, why is that ?

First day….8th of November….we saw the news…we were happy…..Finally, black money is going to end in our nation.

Next working day, i.e. 10th of November….such a rush but we were prepared, we made all the boards & banners to educate our customers…..provided water and all amenities… everyone was working till their last breathe…we went home at 1 am of night.

Our motto was….let’s work for the nation….it’s our time to prove our mettle

Every counter handled more than 500 people…but we were happy.

But then somehow….rules changed over the period of time, we sacrificed our holidays, but we saw the same people standing in the queue every day….something was wrong

The exchange was not once but same people came for exchange.

Then we looked at our account holders….account having less than 500 balance started getting credited by 40000 or so…..things got bad

Govt. realized that people are facing problems…so they increased limit of withdrawal to 24000 a week….but we were facing shortage of cash

Hospitals, petrol pumps are not accepting old notes because they don’t have enough new notes to give change (although date got extended to 24th Nov for Petrol Pumps and Govt. hospitals) but we got abused….we still worked calmly.

Then we saw some trend….even a student is depositing 25000 or so in his account…something is wrong….we asked him…he said the money was given by his father and somebody gave that money to his father….Black money was converted to white….your scheme was failing…we just watched.

Then came farmers…..ours is a cotton belt…cotton agents are giving a rate of 5200 a quintal if you accept old notes or 3800 if you want new notes….people took higher rates and black money was again converted to white.

Elections are due at the end of this month….candidates distributing old notes to voters and telling them to deposit in your accounts as your own money…again black money converted to white.

New update on news….you can get a withdrawal of Rs. 250000 if there is a wedding in your home but no verification procedure described….people harassing us for that money….wedding card is only proof with local police verification but we all know how our police is and anyone can furnish a wedding card if he wants more money….wedding cards can be furnished in Rs.50 in our area….how to verify

We are facing these problems…we have to call police every day to handle the situation…still we are working.

I want to propose some ways in which we can still handle this situation :

  1. Depositing old notes in the account should be restricted or it should be done once…no person will accept those notes then….put election ink on their finger
  2. Exchanging should be stopped….completely
  3. Put raids on every inoperative account holders if they deposit more than 30000….ask for the source of money
  4. Withdrawal limit to be set at 10000 or 15000 a month….transactions above that will be routed through banking channels.
  5. In the case of marriages, withdrawal can only be done by cheque no cash.
  6. shops will go for Point of Sale machines….cheque transaction should increase

P.S. – Sir….fire your think tank for implementing this scheme….otherwise this scheme will fail like Jan Dhan Yojna where people already having accounts opened accounts in PMJDY just because you promised them Rs. 5000 overdraft facility

Yours truly

We are with you


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