This narration is not about attacking someone, it is about making people aware; to benefit the common person who is not aware of these Corporate malpractices.
I feel tongue tied. I do not know how to put this across.
Why have we Indians, evolved into petty thieves during these years after independence. Its called “Tikka Chori” in local parlance or shall I call them “The Modern Thugs of Hindoostan”. Is it because there is no quick redress mechanism in place, no accountability, no punitive monetary fines imposed on erring employees & Corporates that employ them thereby leading to a “I don't give two hoots” attitude and brazen loot.
The first school of every child is his / her home and the first teacher is his / her mother. When any person cheats he / she inadvertantly, not only insults his school but also shames his / her mother; but humans do have weaknesses and cheat and lie for personal gain and advancement.
But why do individuals in Corporate or Govt jobs resort to cheating fully aware that the gains that accrue would go to the coffers of the organisation and not into their?
I'll present some real life cases for the readers to ponder over and comment.
My mother had some FDR’s in one of the branches of a Public Sector Bank in Agra. She moved to Delhi and requested the bank to encash her FDR’s. She was sent a Banker’s cheque which she deposited in her account in Delhi. It comprised on the Principal amount and the interest accrued
Account holders do not usually do a back check on interest calculations.
A quick check revealed an error in the interest amount. I wrote to the branch. A month later came a letter of apology with a Bankers cheque of Rs. 26,000/- plus as interest differential. Yes you read it right.
The story does not end here.
The bank deducted TDS on this interest but did not deposit it with the Income Tax ! But that is another story.
I opened a 3-in-1 account with one of the listed corporate brokers of NSE & BSE around two months back; and invested is shares on behalf of my Company. The Contract notes and Tax Invoices for purchases and / or sales made were regularly received.
A random calculation check threw up some errors. A detailed check threw up more errors. I called up the relationship manager and he assured me that he would speak to his back office team in Mumbai.
The sample calculation sheet was sent to Mumbai. Soon the relationship manager threw up his hands expressing his disappointment at the back office non response.
To cite some examples-
(A) My Company Account
Date 21.06.18 (500 shares bought in lots of 100 each)
Buy PNB 100 @ 83.60 = 8,360.00
Brokerage @ 0.55% = 45.98
GST 18% = 8.2764
TOTAL = 54.2564
Brokerage Charged...... 54.40 (!).......a difference of Rs. 0.15 only that anyone would normally ignore
Transaction Charges for first lot of 100 shares 0.73 (!)
Transaction charges for 4 subsequent lot of 100 shares 0.25
Buy PNB 100 ( 50+50) @ 75.50 = 7,550.00
Brokerage = 40.14
Buy PNB 100 @ 75.00 = 7,500.00
Brokerage @0.55%............... = 48.72 (!)...... overcharging by Rs. 8.58
(B) My personal account
Buy 100 IDBI @59.50 = 5,950.00
Brokerage @ 0.30%( Negotiated rate) = 17.85
Charged = 31.63 (!)
(C) My Employee account
Buy Corp Bank 50 @ 27.50 = 1,375.00
Brokerage @ 0.55% = 7.5625
Charged Rs. 29.51 (!!)
There are millions of account holders who either trade or invest and the majority of who, as traders, accept the charges levied at face value; and the Corporate Broker continues to fleece them at will.
In early 2016, my wife was admitted to one of the Multi Speciality Hospitals for Respiratory failure. Over a period of around two months a bill of around 30 lakhs was raised. The Insurance Company rejected her claim on a flimsy pretext and we had her discharged. The matter now rests with the Consumer forum.
A casual perusal of the hospital bill revealed glaring errors. For eg A charge for checking her glucose level that was done once had been billed eleven or twelve times; a doctors visit charge at 10 pm had been charged seven or eight times not once but as a pattern on all days !
We took up the matter with the accounts department and an adjustment of around 6.21 lakhs was done on account of calculation errors.
We procured some bills of other partients and discovered an innovative pattern.
Suppose a patient has an insurance cover of 10 Lakhs. The Hospital sends an inflated bill to the Insurer for say 9.20 Lakhs. The Insurer approves 8.25 Lakhs. The relatives of the patient are told that the Insurer has approved only 8.25, the balance being consumables which is not covered under insurance and which is to be paid by them before the patient is released. The harried relatives pay the 0.95 lakhs and take the patient away not realising that the differential of 0.95 Lakhs is on account of calculation errors and which has nothing to do with consumables.
So the Hospital makes a neat pile.
I also discovered that an injectible with an MRP of 51,000/- say and which is available for Rs. 8000/- after discount at any of the chemist shops across the road is billed at Rs. 56,000/-, since the hospital has mandated that the injectible has to be purchased from the in-house chemist.
( The courts have lately ruled against this practice )
... and the bill threw up another malpractice. Where as the max prescribed dosage of a particular injectible is 16 vials the bill showed 19 vials injected and charged ! The ICU records supported this and which led to a case of medical negiligence.