Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 150
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 151
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::index() - APP/Controller/ArtileDetailController.php, line 151
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
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Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
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        LATEST NEWS UPDATES | Netas using co-op banks for backdated FDs, DDs -Partha Sinha    </title>
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MUMBAI: A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the..."/>
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MUMBAI: A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the..." />
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the demonetisation drive on November 8, these cooperative banks, which are yet to be computerised and still use physical ledger books, are taking cash from customers and opening backdated fixed deposits (FDs). They are also issuing demand drafts (DDs) and pay orders against cash, mostly from politicians. <br /><br />People from the banking sector said that these entities were using a loophole, wherein the money against the DDs and pay orders issued by banks goes into a pool account, which is deemed to be the bank's. Since all banks are allowed to take cash from customers and exchange it with the new currency notes, these banks are helping people with unaccounted-for cash, who would otherwise be stuck with stacks of worthless papers that served as valid notes till November 8, bankers said.<br /><br />The deal between these cooperative banks and people buying DDs and pay orders with cash is that they will not present these instruments to any other bank to encash. However, after March 31, the issuing cooperative bank will cancel the DDs and pay orders, and return cash to the holders of those instruments in the new notes. <br /><br />Please <a href="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms" title="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms">click here</a> to read more. </div><div align="justify">&nbsp;</div>                                                           
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the demonetisation drive on November 8, these cooperative banks, which are yet to be computerised and still use physical ledger books, are taking cash from customers and opening backdated fixed deposits (FDs). They are also issuing demand drafts (DDs) and pay orders against cash, mostly from politicians. <br /><br />People from the banking sector said that these entities were using a loophole, wherein the money against the DDs and pay orders issued by banks goes into a pool account, which is deemed to be the bank's. Since all banks are allowed to take cash from customers and exchange it with the new currency notes, these banks are helping people with unaccounted-for cash, who would otherwise be stuck with stacks of worthless papers that served as valid notes till November 8, bankers said.<br /><br />The deal between these cooperative banks and people buying DDs and pay orders with cash is that they will not present these instruments to any other bank to encash. However, after March 31, the issuing cooperative bank will cancel the DDs and pay orders, and return cash to the holders of those instruments in the new notes. <br /><br />Please <a href="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms" title="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms">click here</a> to read more. </div><div align="justify">&nbsp;</div>                                                           
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MUMBAI: A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the..."/>
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    <h1 class="cat-box-title">Netas using co-op banks for backdated FDs, DDs -Partha Sinha</h1>
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                            <div align="justify">-The Times of India<br /><br /><em>MUMBAI: </em>A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the demonetisation drive on November 8, these cooperative banks, which are yet to be computerised and still use physical ledger books, are taking cash from customers and opening backdated fixed deposits (FDs). They are also issuing demand drafts (DDs) and pay orders against cash, mostly from politicians. <br /><br />People from the banking sector said that these entities were using a loophole, wherein the money against the DDs and pay orders issued by banks goes into a pool account, which is deemed to be the bank's. Since all banks are allowed to take cash from customers and exchange it with the new currency notes, these banks are helping people with unaccounted-for cash, who would otherwise be stuck with stacks of worthless papers that served as valid notes till November 8, bankers said.<br /><br />The deal between these cooperative banks and people buying DDs and pay orders with cash is that they will not present these instruments to any other bank to encash. However, after March 31, the issuing cooperative bank will cancel the DDs and pay orders, and return cash to the holders of those instruments in the new notes. <br /><br />Please <a href="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms" title="http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms">click here</a> to read more. </div><div align="justify">&nbsp;</div>                                                           
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Netas using co-op banks for backdated FDs, DDs -Partha Sinha

Published on Nov 17, 2016   Modified on Nov 17, 2016

-The Times of India MUMBAI: A few cooperative banks, mostly in rural areas, have found a new way to bypass banking system norms put in place by the government to fight the black money menace. Since PM Narendra Modi launched the demonetisation drive on November 8, these cooperative banks, which are yet to be computerised and still use physical ledger books, are taking cash from customers and opening backdated fixed deposits (FDs). They are also issuing demand drafts (DDs) and pay orders against cash, mostly from politicians. People from the banking sector said that these entities were using a loophole, wherein the money against the DDs and pay orders issued by banks goes into a pool account, which is deemed to be the bank's. Since all banks are allowed to take cash from customers and exchange it with the new currency notes, these banks are helping people with unaccounted-for cash, who would otherwise be stuck with stacks of worthless papers that served as valid notes till November 8, bankers said. The deal between these cooperative banks and people buying DDs and pay orders with cash is that they will not present these instruments to any other bank to encash. However, after March 31, the issuing cooperative bank will cancel the DDs and pay orders, and return cash to the holders of those instruments in the new notes. Please click here to read more.

The Times of India, 17 November, 2016, http://timesofindia.indiatimes.com/city/mumbai/Netas-using-co-op-banks-for-backdated-FDs-DDs/articleshow/55467204.cms

Tagged with: Demand Drafts (DDs) Demonetisation Currency demonetisation Fixed Deposits (FDs) NABARD Corruption black money

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