The Tourism Council of Bhutan (TCB) and Bhutan National Bank (BNB) are both currently investigating a unique case of discrepancy that, some say, is a first for Bhutan.
Around mid February, on receiving 2 different credit advice issued by BNB, the TCB finance department had released a sum of US$ 74,000 and US$ 15,000 to a tour operator. TCB finance officials said that the operator had submitted a valid slip (credit advice) issued and authenticated by the bank.
But bank officials say that there is no record of the first credit advice (US$ 74,000) issued to the tour operator and so the amount released by tourism finance officials was not reflected in its financial statement. The TCB account with BNB, nonetheless, shows a shortage of US$ 74,000.
A credit advice is a bank slip issued to tour operators for getting tourist’s money released through the Tourism Council. Tourists visiting Bhutan wire their tariff in hard currency to local banks. At the time of issue, however, bank officials have to verify the tourism account of any foreign deposit. The Tourism Council, after deducting the royalty on each tourist (US$ 65), releases the money to tour operators on submitting their credit advice.
As per the credit advice of the tour operator with TCB, the first credit slip was dated October 14, with counter value of US$ 74,000, and the second, dated January 15 with US$ 15,000, both transferred from Citibank.
“But, on verifying our bank statement, we detected that the amount released to the tour operator was not reflected, thus showing a shortage,” said TCB finance officials, adding that there was no practice of counter checking as the credit advice was registered and authenticated. “There was no suspicion from our side,” said a TCB official. BNB said they did not authenticate the slips.
It was only after the case was reported that the bank sent a letter to TCB to verify the signatures on every slip issued, according to TCB officials. The tourism council has written to BNB for an explanation.
Senior bank officials say that duplication of bank documents happen from time to time, but it was the responsibility of the tourism department to countercheck with the concerned department. “The tourism council has no control over its account,” said a bank official. “Nowadays government seals can be easily duplicated in Jaigoan but people should be cautious.”
Money Mixup
The Tourism Council of Bhutan (TCB) and Bhutan National Bank (BNB) are both currently investigating a unique case of discrepancy that, some say, is a first for Bhutan.
Around mid February, on receiving 2 different credit advice issued by BNB, the TCB finance department had released a sum of US$ 74,000 and US$ 15,000 to a tour operator. TCB finance officials said that the operator had submitted a valid slip (credit advice) issued and authenticated by the bank.
But bank officials say that there is no record of the first credit advice (US$ 74,000) issued to the tour operator and so the amount released by tourism finance officials was not reflected in its financial statement. The TCB account with BNB, nonetheless, shows a shortage of US$ 74,000.
A credit advice is a bank slip issued to tour operators for getting tourist’s money released through the Tourism Council. Tourists visiting Bhutan wire their tariff in hard currency to local banks. At the time of issue, however, bank officials have to verify the tourism account of any foreign deposit. The Tourism Council, after deducting the royalty on each tourist (US$ 65), releases the money to tour operators on submitting their credit advice.
As per the credit advice of the tour operator with TCB, the first credit slip was dated October 14, with counter value of US$ 74,000, and the second, dated January 15 with US$ 15,000, both transferred from Citibank.
“But, on verifying our bank statement, we detected that the amount released to the tour operator was not reflected, thus showing a shortage,” said TCB finance officials, adding that there was no practice of counter checking as the credit advice was registered and authenticated. “There was no suspicion from our side,” said a TCB official. BNB said they did not authenticate the slips.
It was only after the case was reported that the bank sent a letter to TCB to verify the signatures on every slip issued, according to TCB officials. The tourism council has written to BNB for an explanation.
Senior bank officials say that duplication of bank documents happen from time to time, but it was the responsibility of the tourism department to countercheck with the concerned department. “The tourism council has no control over its account,” said a bank official. “Nowadays government seals can be easily duplicated in Jaigoan but people should be cautious.”
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>> Original story by Kuensel
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