Should banks freeze any account on flimsy grounds?
A retired person put his savings, all earned by legal and honest means, in a bank. He opened the account with all information and supporting documents required by the bank. His family lives on his income from investments in saving certificates, government bonds and fixed deposits. He pays income tax and discloses his income and the sources of income to the concerned authorities as per law. Under such circumstances, has the bank any authority to freeze his account just because he didn't submit any new document or information required by the bank? Why should he suffer if the bank failed to collect necessary information before opening his account? Freezing an account is a serious matter as it amounts to denial of bread and butter to an entire family. Banks should not take it too lightly.
Recently, different government agencies have been issuing circulars to banks asking for new information/documents, including eTINs, from account holders. To some extent it is causing harassment to the account holders. In this digital age, is it difficult for the banks to collect the eTINs from the National Board Revenue (NBR) using the old TINs available with them? The NBR must have a computerised system for conversion of old TINs into eTINs. Why should the account holders be bothered for supplying their eTINs? Moreover, why should banks ask for signatures of account holders on photocopies of eTINS which are computer generated documents requiring no signatures?
Banks normally freeze an account only if it is not operated for a certain period of time. The account becomes operable as soon as the account holder contacts the bank and fulfils some simple requirements. Banks cannot freeze any account for any other reason unless there is an order from a court of law. This is the norm in all civilised countries.
Where is the retired person living? This is his money and it is not stolen from anywhere. He operates his account regularly. If he fails to comply with any requirement of the bank, it can decline to maintain his account. In that case, he can withdraw his funds from the bank and invest elsewhere. Under no circumstances should the bank be allowed to freeze his account and practically force a family to starve. Is it not a violation of the constitution which promises to provide “the basic necessities of life, including food, clothing, shelter, education and medical care” to the citizens? Shouldn't our vocal finance minister term this practice as 'rubbish' and stop it immediately?
Can anyone deny us our bread and butter when God doesn't even when we fail to obey His Commands?
The writer is a former chief engineer of Bangladesh Atomic Energy Commission.
Comments