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Introduction
A permanent account number (PAN) is a ten-character alphanumeric identifier Foundational ID, issued as a laminated "PAN card", by the Indian Income Tax Department. The primary purpose of the PAN is to bring a universal identification to all financial transactions and to prevent tax evasion by keeping track of monetary transactions, especially those of high-net-worth individuals who can impact the economy. Quoting the PAN is mandatory when filing Income Tax Returns, tax deductions at source, or any other communication with the Income Tax Department.
About State Bank of India
I worked at the State Bank of India from February 2016 to September 2016. State Bank of India (SBI) is an Indian multinational public sector bank and financial services statutory body headquartered in Mumbai, India. SBI is the 48th largest bank worldwide by total assets with employees over 250,000. This is something you will find on Wikipedia. Nobody knows what is true and what is not.
Connecting PAN cards of similar names
Since a PAN Card identifies the financial transactions of a person, if we change this number, the person's liability to Tax can be hidden. To evade tax and to keep their illicit money safe and usable, people who do illicit business, politicians, drug peddlers, and bribe takers are taking refuge with the State Bank of India to keep their money. SBI illegally provides services that connect PAN cards of similar names to an account. My account was forged, so that I don't get the benefits of the SBI Pension amount. In my account, there was a PAN number, with Deepak Kumar, but not my PAN number. They can't find exactly my name Deepak Kumar T A. But they connected with a similar PAN card. If they did it accidentally, how did they find "accidentally" a similar name, when all they can enter is my PAN number? This "accident" did not end with my account, it is there for hundreds of High-Net-Worth individual accounts, which is a clear violation of Bank rules.
Phone Number Fraud
When I used the SBI website to log in, I found out that my new number, which I obtained 4-5 years back, was already registered with someone else's SBI Bank Account. SBI purposefully connects fraud accounts, with bogus PAN and bogus Phone numbers. All this time, I did not receive one message regarding any transaction in that account. How does SBI manage to do it? That shows the biggest hole in the process, which SBI takes advantage of. Old Accounts remain as it is, without reflecting the new norms.
In the Indian Overseas Bank, which is also a state-owned bank, anybody in the bank can put any phone number on a bank account. There are two ways, they won't be caught. Nobody will come and verify every document submitted to them manually. Even if they did, they would say, it was a mistake. Another loophole in IOB is that the customer need not verify the phone number change from his phone. The customer will think someone has wrongly entered his phone number in the Fraudsters Bank account by mistake. Why would he bother? His Bank account has his Phone number. This is purposefully done because, those who get these Phone number changes, never get messages regarding deposits or withdrawals in that Fraudsters Bank account. How is that possible? They stop messages regarding deposits and withdrawals in the Fraudsters Bank account to be delivered to that unknown innocent Phone number.
Taking advantage of the worst SBI App, YONO
YONO, SBI's banking App is the worst App you can find in the Banking Industry in India. SBI Claims that it is Asia's largest Bank, but provides the worst Banking App services. They put colorful looks outside, but when you use it, it is such an irritating and unfriendly App. It does so purposefully so that decent people like Multi-National Corporations don't use their Banking Services. I personally experienced it. I will give two examples. When I tried to create a username, it simply showed 'wrong username', when I used a text. The rule is I should add a number to my username in it. But it never showed the rule. What will a novice user do? Also, when I tried to copy and paste the OTP in the App, it did not copy, I had to enter it manually. If I make one mistake in one digit of the number, it can't be deleted to put the correct digit, I have to start the whole registration process from the beginning. Read carefully, I did not enter the submit button, even before submitting OTP, I can't change its digit. What a worst nightmare for a decent user. SBI YONO software is designed that way, by its top brass, to keep only uneducated customers, who don't use the software at all. The other type of customer, who uses their Banking services are frauds, who stash millions and billions of dollars. Otherwise, why would a decent Businessman who has millions and billions of dollars be a customer in such a worthless bank?
Visiting the Branch
Another advantage, the state-owned Banks make use of to escape from complying with the rules is visiting the branch and Sending by post. Even with my Passbook in hand, Aadhar, PAN, and Proper Phone Number updated in SBI, I still have to visit the Home Branch, which is located somewhere else to create a Mobile Banking username. Also, When I visited an Indian Overseas Bank ATM, another state-owned bank, I couldn't update my new phone number. I had both old and new phone numbers in hand. But still, I can't update it in the ATM. These measures are done to disincentivize decent customers from using their Banking Services and allow illicit customers to put their money safely.
Linking Aadhar and PAN did not reflect on the Bank Account
Indian Government has put a rule that Aadhar, which is the Unique Identity Number of every Indian Citizen to be linked with PAN. I have linked my PAN and Aadhar years ago. But When I went to the SBI Bank, I found that it was not still reflected in my Bank Account. Then, what is the meaning of such a rule? SBI is taking the same old hole in the process. Old bank accounts need not reflect the new norms. Or it will simply say, Old Account customers did not link their accounts with PAN, so we have to accommodate them. Making an excuse to evade the whole rule itself.
Solutions
1. Freeze old accounts that have deposits of more than Rs. 1 lakh, until they follow all the rules. Following the rules means, all the necessary details are properly filled. The three important details are Aadhaar, PAN, and Phone number. These details may be counterfeit, which we will check later. But first, fill in all the details. SBI thrives because of its mass uneducated customers, who don't follow any rule, thereby making the whole customer base exempt from following any rule at all. Uneducated customers don't have enough money in their bank accounts. But those who evade tax laws are educated and have money. Use that to comply with the rules.
2. Make the Online process work properly and conveniently. Don't make the customer come to the bank, unnecessarily. This is one more hole, SBI takes advantage of. They will simply ask, what if all the frozen account holders come to the bank? We can't manage with our staff. Make them do everything online. Put a professional Software Company like the big four of India (Infosys, TCS, Wipro, and HCL Tech) to re-arrange the software.
3. The government is putting a fee for linking Aadhar and PAN. Why is this done? Is there any good intentions behind it? No, it is making the process further troublesome, so that nobody links their accounts and makes it comfortable for tax evaders. First, make the process free. They may say, that we set a deadline and put a fee after that so that everyone complies. No, that is not the correct way. Put a Fine of Rs.100, every time someone uses the Aadhar service without linking it with PAN. For example, if Someone gets a SIM card, He has to avail of Aadhar Service and put a fine of Rs.100. Clearly communicate to the customer that he is being fined for not having linked his PAN, through a recorded Voice call to his number in his local language. This will force all the uneducated customers too to apply for a PAN. Because getting a PAN is cheaper than paying a fine every time. Also, investigate customers who use a lot of Aadhar Services and have not linked it with PAN, suspicious activity worthy to be examined by the Income Tax department.
4. Changes to Bank Account details can be done also through an online App. Update the Banking App professionally. Advertise in all News Channels and newspapers, even in their state language, regarding the corrections to be made. Send Recorded voice messages to their mobile phones. Send an SMS with details to their phone numbers. Email them with the details. Send direct posts to their homes. First, Correct the App and Website.
5. Then, freeze the accounts above Rs. 1 lakh, that don't have all the details. The 3 important of them all. Aadhaar, PAN, and Phone Number. Unfreeze the Bank Accounts, after they are filled, which have all the details, fraudulent or not. At the same time, set a deadline of a maximum of 3 months for accounts, that have all the details, but are wrong. We don't need to freeze Bank Accounts that have wrong, or fraudulent data. But we will set a deadline of 3 months to update the correct Aadhaar, PAN, Phone, and other details.
6. After the deadline is over, Check all the Customers, who have deposits above 5 Million dollars (Rs.50 Crores), and who had the wrong PAN earlier and updated with a new PAN. Check Income Tax filings with their newly updated PAN account. If they had already paid tax with their newly updated PAN card, then it is simply a mistake in the entry. If they have not paid income tax with the updated PAN or if the details are not corrected, all are fraud accounts. How do you check if the accounts not corrected are fraud or not? Since time deadline is over, just check the existing PAN account details and verify the tax paid. If there is a mismatch in the PAN account Tax filings and the Amount deposited in the Bank Account, Seize all the deposits as fine. This is for the accounts above 5 Million Dollars (Rs.50 Crores). It can't happen by mistake. We won't entertain any plea or any kind of case in courts with this issue. Judges waste time and have these SBI Accounts themselves. Also, Tax should have been paid earlier, and no new filings for earlier periods. We will seize the amount.
7. What if all the Customers take away the money and run? One it will be a Bank run. Two, we already have their data in our Bank software. This fraud should be investigated with SBI's important heads. If they did not cooperate or fudge with details, they should be arrested under 'threats to national security' with their case heard in the Armed Forces Tribunal. Because the Army is the only department that does not care about money and works for the nation tirelessly. Also, In the future, we can use the Aadhar itself as PAN, and de-clutter the process.
8. Remember, we do not know which state-owned banks are doing these fraudulent activities. So, we should bring the new norms to all banks, even private banks. Update proper details above Rs.1 Lakh, which will be a universally followed rule across banks. Or else freeze their assets. Above Rs.50 crores, we seize their whole money as a fine. This is for a new India's growth and development.
Have a look at this new form of governance.
Professional Politics: A New System of Governance (governancebydeepak.blogspot.com)
This is the system, where we can put the seized money to good use. Otherwise, the present government will never implement this plan, and even if they implement it, the money will again go to the same corrupt politicians. Let India come to safer, intelligent, able, and patriotic citizens. Let India Shine. Jai Hind!
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