75th Founding Day Lecture Meeting on “India@2030” Know More

August 2008

Current account — Judging a book by its cover ?

By Raman Jokhakar, Tarunkumar Singhal, Chartered Accountants
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62 Current account — Judging a book by its cover ?


The branch staff of a PSU bank in Bandra, Mumbai immediately
smelt a rat when a slumdweller deposited a cheque for Rs.75 lakh and sought to
withdraw a couple of lakhs soon thereafter. Although his account was a decade
old and properly introduced, the account holder’s shabby outfit and his
downmarket residential address was enough to set off alarm bells and the matter
was brought to the notice of the regional office. The general manager then
contacted the bank which had issued the cheque, which in turn contacted the
issuer. It turned out that the cheque was indeed in order and the slumdweller
was given Rs.75 lakh by the builder as compensation for his hutment under a slum
redevelopment scheme at Bandra.

(Source : The Economic Times, 18-6-2008)

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