If we want to
avoid tax evasion & AML. Banks can play vital role. Bank can check
accounts. Is it saving a/cs use for business purpose. Bank can stop this malpractice. It ensure pan card updating
in a/cs. Challenge is advance technology how can find such type of a/cs branch
staff can effort in that way. Many challenges but bank is important medium to
kick out tax evasion & AML practice. RBI must play as strict master &
hunting to banks
IF Banks have to
monitor number of transaction in every saving account and
current account and also check how many different accounts have one person.
It will be check where money come from and check through profile
of customer but it is a not easy task. It is a hard
process because banks have large no. of accounts like SBI have approx
22.5 crore accounts in pan India.
So, here technology can play vital role to find out suspicious
accounts. We can find out large transaction account holder and verify all
transaction
But at the same time some chartered accountants play role as a
commission agent they make forge papers to safe the black money and also convert
in to white money.
Some banks also protect to a/c holders make forge profilers of
large transaction account holder for making branch strength.
But there is contradiction private banks always make pressure for
business how to catch the business it is not easy so, they make rose financial
bed for suspious customers.
So, there is contradiction. It can not possible to find out and
erase all Anti Money Laundering &
Tax Evasion done by account holders.
So, we can stop Anti Money Laundering & Tax Evasion when banks
have to make will power and chartered accountants play as financial consultant
only. Banks try to find out best technology for doing such kinds of this
process and senior management make high level of will power.
