Be Alert!! These illegal Money Habits can Land you in big trouble

0

Every one of us knows that how important money is, in our life. Due its huge importance it is regulated by government across the world. To maintain the proper circulation of money in economy government make strict regulation so that no one can take unfair advantage of money and also to prohibit the unethical practices in society. Here money dial is making you aware some of the common unethical practice which can be done by anyone unknowingly. Because such unethical practice with respect to money can land you in big trouble, so please make a note of the following illegal habits so that you can escaped from being into any kind of legal action.

  1. Copy Signature:- 

    It can be fun to copy signatures of your elders when you are in your teenage. Some time we copy our parent’s signature on our teacher’s note. But when you copy signatures of your parents or anyone else to withdraw cash or to make payments to purchase anything, this is called forgery which is illegal. As per Indian Penal Code this kind of forgery will take you straight away in jail.

  1. Misrepresentation of Details- 

    Sometimes people misrepresent the details by furnishing the forged copy of pay slips to get sanctioned the big amount of loan or they have fear that their loan application can be rejected. If in case this unethical practice unveiled so this will be considered as a breach of contract between you and bank. In such case bank can take legal action too against you and your loan will also get rejected.

  1. Proposal of Insurance-

    Insurance contract build up on good faith between company and insured. But many people don’t reveal the correct information regarding pre-existing medical history while applying for insurance so that they can get the best possible scheme in least premium. This unethical practice leads to the breach of insurance contract. Due to this your claim can be rejected at the time when you genuinely require money.

  2. Claim of your Insurance-

    If any damages incurred to you, and you show the fake high amount of damage just to claim the higher reimbursement of your insured amount is considered as unethical practice of money. in such case you may not only lose your claim amount of the policy, insurance company can also take the legal action against you in court. Ultimately your greed will lead you in big trouble.

  3. Usage of Credit card-

    Many a times we use our family member’s card for shopping or withdraw money from ATM. But ideally as per bank’s regulation it is an unethical practice of money. From the security point of view a card should not be used other than the owner of the card.

  4. Issue of cheque-

    Many people issue cheque knowingly or unknowingly the fact that they don’t have sufficient amount in bank account. This can invite huge penalties and imprisonment as well.

  5. Tax return-

    Many people surpass the income tax law and represent fake details regarding their income and investment in order to receive the tax return. But it can lead you in big trouble by the scrutiny practice of income tax department.

It is advisable please do away with such unethical practices regarding money, and make you near and dear ones also aware of these facts so that you would not get in to any trouble.

Visit Money Dial for more updates on Banking and Finance

Share.

About Author

mm

Money Dial is your destination to gain knowledge and earn greater returns in the world of financial market. Through Money Dial, we aim to help you sail smooth in your finances, rise high on returns and invest on success with tips, advice and market gyaan. Whenever you need a little extra help, our team of financial experts is here to guide you through the complex financial world by simplifying it and providing expert solutions to your problems.

Leave A Reply