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Prevent misuse of bankdrafts Sir, Public Sector ''Corporation Bank'' has come out with a unique ''Corp Classic'' savings account with hi-liquidity of savings accounts and hi-returns of term deposits. The account available at selected fully computerised branches of Corporation Bank only, is opened with a minimum Rs 10000 in savings accounts while balance in multiples of Rs 1000 after initial Rs 5000 above the minimum balance of Rs 10000 is to be auto-transfered to term deposits. But the gimmick of Rs 5000 as minimum required to be shifted to term deposit should be deleted to make it simple that every multiple of Rs 1000 after minimum savings balance of Rs 10000 may be auto-transferred to term deposit ! Union Finance Ministry and Reserve Bank of India should try that such noble schemes may be in computerised branches of all nationalised banks. Also interest rates and various bank charges must be uniform in all Public Sector Banks. For ordinary savings accounts, interest-rate may be higher but payable annually instead of compounding it after 3/6 months, on minimum balance in the month in multiples of Rs 1000. To further compensate for suggested higher interest rate, cheque-book charges may be levied in savings accounts. Vast network of nationalised banks must also be utilised by arranging all tax-saving schemes like Public Provident Fund (PPF), National Savings Certificates (NSC), National Savings Schemes (NSS) etc. in all branches of every Public Sector Bank. Even tax-free bonds availing capital-gain exemptions u/s 54EA of IT Act for a 3-years' freeze of capital gains should also be available in these banks. System will increase savings by effective utilisation of vast network of nationalised banks. Government then may pay handsome commission presently payable to brokers, to nationalised banks to improve their profitability. All branches of nationalised banks should be authorised to collect Income Tax by opening special Income Tax accounts for assessees where pass-books may be issued having complete record of tax-payments by the assessee to help in case of loss of tax-challans. Such step will largely make tax-payments easier through bank-transfers instead of risky cash payments! All bank-branches should also sell stamp-papers to eliminate evils like black-marketing or back-dated sale of stamp-papers. Government may also introduce Vehicle-Booking-Deposit Accounts in all bank-branches by making it compulsory to book new vehicles through such accounts only, to save people from harassment by companies in refund of booking-deposits in case of cancellation. To prevent misuse of drafts as carriers of black money, their validity period must be reduced to say 45 days, and drafts/pay-orders must carry name and address/ account number of the purchaser. Banks should be effectively utilised to check flow of black money by minimising currency circulation! Yours etc.. |
