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State Bank of India (SBI) sets up Currency Exchange counters at ongoing WHO Meet for convenience of Foreign Delegates

Every foreign individual can exchange up to Rs 4,000 every day till the conference concludes on November 12

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State Bank of India, Chandni Chowk, Delhi. Wikimedia
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Greater Noida, November 10, 2016: The State Bank of India (SBI) on Thursday set up a currency exchange counter at the venue of the ongoing WHO Framework Convention on Tobacco Control (FCTC) for the convenience of foreign delegates.

The move comes in the wake of the demonetisation of Rs 500 and Rs 1,000 currency notes by the government on November 8.

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The counters were set up after receiving complaints from foreign delegation members about the difficulty they faced in using the Rs 500 and Rs 1,000 currency notes after arriving in the country.

According to the bank officials at the counter, every foreign individual can exchange up to Rs 4,000 every day till the conference concludes.

“This counter will remain open from 1 p.m. to 5 p.m. from today (Thursday) onwards till the conference concludes on November 12. Every foreign individual can exchange only up to Rs 4,000 every day against their old Rs 500 and Rs 1,000 currency notes,” the bank official told IANS.

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A senior health official, who is part of the Brazilian delegation at the WHO FCTC, told IANS: “The sudden decision by the Indian government to demonetise some of its currency notes is a problem.”

“We arrived last week and had exchanged our currencies which mostly included Rs 1,000 and Rs 500 currency notes. However, this bank (SBI counter) will solve the problem to some extent,” the official said.

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Members from the Indian delegation told IANS that after listening to the complaints of foreign delegation members, Additional Health Secretary Arun Panda is said to have called the District Magistrate of Greater Noida, who asked a local SBI branch to set up the counter and facilitate the foreign guests.

A total of 1,500 members from 185 countries are participating at the ongoing seventh edition of the WHO FCTC — the world’s biggest anti-tobacco policy-making convention. (IANS)

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Biggest Bank Frauds Which Shook The Indian Economy

India has seen some of the biggest bank frauds in past few years which has damaged its economy

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Punjab National Bank is facing many setbacks from early this year Wikimedia Commons
ED seizes Nirav Modi's valuables. Wikimedia Commons

By Ruchika Verma

  • Indian economic system has many loopholes and many citizens are aware of how to use them to their advantage
  • India has seen some of the biggest bank frauds in past few years which has damaged its economy
  • Money scams and bank frauds are becoming very common and it is now high-time that government do something about them

Every year India witness some of the biggest bank frauds which impact its Economy like a boulder. According to IIM-Bangalore, India lost Rs. 22,743 crores because of bank frauds between 2012 and 2016.

Indian Banks suffer heavy losses due to frauds every year.
Indian Banks suffer heavy losses due to frauds every year. Wikimedia Commons

Likes of Vijay Mallya, Harshad Mehta and the recent addition, Nirav Modi have basically robbed Indian banks and Indian economy of several crores of rupees. Here is the list of biggest bank frauds in India which shook the economy and population in recent years.

S.K. Jain Fraud 

In 2014, the chairman of the Syndicate Bank was suspended for increasing the credit limit of some companies for the bribe of Rs. 50 Lakhs. SK Jain was one of the youngest CMD of the Syndicate Bank, this money fraud by him was done just after a year of being appointed as the CMD of the bank. Syndicate Bank’s share prices suffered heavy losses after the fraud was revealed.

Harshad Mehta Scam 

While talking about any money scam or bank scam, Harshad Mehta is the first name which comes to the mind of many. Harshad Mehta was a clever share broker who knew loopholes in Indian economy too well. The case dates back to the 90s in which this fraud worth INR 4000 crores came into the light. Stock Market crashed after this scam was revealed, in which fake BRs were used to get money out of various banks and manipulate the share price of companies.

Harshad Mehta was a brilliant man who misused his brilliance into committing one of the biggest bank frauds in the history of india. Wikimedia Commons
Harshad Mehta was a brilliant man who misused his brilliance into committing one of the biggest bank frauds in the history of India. Wikimedia Commons

Bipin Vohra Fraud 

In 2014, CBI filed a cased against the Kolkata-based industrialist Bipin Vohra and his other colleagues for allegedly cheating Central Bank of India. Bipin Vohra obtained a loan of Rs 139.05 crore using fake documents. Not only that, but he also used the money for purposes which weren’t stated while applying for the loan. Bipin Vohra lost a lot of his acquisitions due to this bank fraud of his.

Also Read: National Herald Scam: Everything You Need To Know

 

Vijaya Mallya Fraud 

One of the most recent Indian offenders, the UB group and Kingfisher Airlines owner has a debt of over INR 9000 crores which he has to pay back to various banks. He fled to London to escape the payments and penalisation, even after coming back, he hasn’t paid back anything as of yet. He was declared offender by the Union Bank Of India after which SBI and PNB followed suit.

Vijay Mallya is one of the biggest india offenders with dues pending worth INR 9,000 crores. Wikimedia Commons
Vijay Mallya is one of the biggest India offenders with dues pending worth INR 9,000 crores. Wikimedia Commons

Nilesh Parekh Fraud

Nilesh Parekh committed a fraud of Rs. 2,223 crores by cheating 25 banks which were under the State Bank Of India. Parekh was the promoter of Kolkata-based, Shree Ganesh Jeweller, he committed the fraud by diverting the loan money and he also shelled companies in other countries like Hong Kong, UAE and Singapore.

Also Read: Punjab National Bank detects $1.8 bn fraud at a Mumbai branch, Links to Nirav Modi

Jain Infraprojects Fraud

Another famous bank scam was the fraud done by the employees of Jain Infraprojects in collaboration with the Deputy General Manager of the Central Bank Of India. This bank fraud was done by diverting the funds for the purposes that weren’t mentioned in papers. This bank scam resulted in a loss of INR 212.30 crores for the bank.

Punjab National Bank's Mumbai branch is now under high scrutiny. Wikimedia Commons
Punjab National Bank’s Mumbai branch experienced one of the biggest bank frauds courtesy to Nirav Modi. Wikimedia Commons

Nirav Modi’s Fraud

The latest addition to the list, this one if one of the biggest bank frauds in India. The diamond merchant Nirav Modi committed a fraud of INR 11,450 crores with the Punjab National Bank. Modi used old LoU (letter of undertaking) issued to him by PNB, which were recycled and illegally issued to borrow money from other banks. He is also accused of committing a money fraud of Rs. 3000 crores with 17 other banks.