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Axis is the only bank that reports refund as well to AIS.

Everybody is being so negative right now. Paying 40p for ER is still a very good deal if you know the miles game. I would be willing to pay 40p to Axis if they offer me this. Of course, I won't be buying 1 crore points for sure.

Axis the pioneer bank in dumb glitches and recovery.

Sir, as far as I know ITD doesn't care for fraud. That is the responsibility of EOW or FIU. Someone please comment if I'm wrong.

Sir, I never commented on your post about Axis and fraud. I only commented about your comment about Axis involving ITD. I stil don't understand how can Axis involved ITD here given it was a credit card transaction which was refunded. But anyways, may be I'm not smart as you or don't have...

I'm not sure why you're inventing things that didn't happen. There was no deposit of money in anyone's account. I am assuming all those people transferred the points to FFP which has no monetary value. So, what are you talking about?

I'm not a lawyer so can't comment on the rest but for below point I don't think it will have any impact on the user. I can use my credit card to take money into my bank account. I can get a question from ITD for mismatch if the amount is large but this is not something that will lead to a...

Why are you worried about What-if scenarios? If you didn't do anything in excessive then you will be fine. Nothing to worry. Tip: If you're a person who gets worried with small little things then you shouldn't take risks, especially for reward points. Mental peace is worth more than any reward...

Yehi log hai jinko Bank notice bhejta hai fraud ke liye. Nakal ke liye bhi akal chahiye.

I doubt it will shown as write-off given that it is an old matter. It would have already been part of their previous annual report as "Rewards expenses" or something. Not a CA so don't know the right term.

Exactly. This is the main point. But somehow most people here are triggering their morality gene and misinterpreting the main point.

Nobody is defending the people who exploited the glitch. I wonder how hard it is to understand a few sentences in simple English.

I didn't leave my house open. My security guard did. There is a difference. Lastly, I never supported the thieves. Quote me if I did.

I have become a fan of your thought process. Sir. :beaming-face-with-smiling-eyes: "You want to hire a security guard who easily let thieves inside their owners house. Now after 1 year that security guard is showing-off his effort to chase the thieves with a non-legal notice." Amazing!!!

Most interesting thing to note is that there are several banks running loyalty points schemes on their cards and accounts. But I have never heard of a notice in all my 13 years of being a loyalty program freak. In just last 1 yr, Axis has already sent notices on multiple occasions for many...

Once you're sure, just let me know. PS: I'm not debating this any further. Everyone is free to have their opinion and morality.

By the same logic you should pay Tax and TDS on your rewards too but you don't?

FFP loyalty points also don't have monetary value. So you mean if those people transferred the points to FFP but didn't redeem then they are fine but if they have redeemed for tickets/stays then they are liable. Is that so?

I am assuming all those people transferred those points to a FFP which is still a loyalty point. So how are you deriving the economic value there?

Thank you very much. It's like you read my mind. :)