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|18th September 2009, 10:40||#16|
Senior - BHPian
Join Date: Jun 2008
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Carrying cash is really a headache now a days. I remember few months back I had to deposit some good amount of money in one of my back account and they asked all information about me (To track details) and they kept this information along with my deposited notes. My worries got multiplied when in other counter bank official found Rs. 500 Fake note.
I got sigh of relief when I can see all money I deposited is credited to my account. Absolute unnecessary headache for now a days.
When in any cash counter you pay some bills by cash (500 and 1000 notes) most of them check each and every note and stare you like suspect.
|18th September 2009, 10:54||#17|
Senior - BHPian
Join Date: Jul 2008
Thanked: 420 Times
Using credit, debit cards? Carry photo ID - India - NEWS - The Times of India
Now question is what should be priority of RBI preventing the whole economy by stopping fake currency ( estimated to be 1.69 Trillion rupees) or catering to interest of few banks for few carore rupees.
IMHO banks can protect themselves easily by providing chip based cards instead of magnetic strip and mandating photograph to be printed on credit card.
I think a sure shot way of stopping the fake currency and frauds is to increase the card usage by abolishing the 1% transaction charge which banks levy on merchant establishments and also abolishing annual debit card fee which banks pass on to customers. Debit card should be mandatory for every savings / current bank account and every business establishment above certain turnover ( say 1 lakh rupees) should be forced to accept cards.
Last edited by amitk26 : 18th September 2009 at 11:00.
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