16 February 2009
Hi Shika....you have asked what is bait money in terms of bank audit..well note down the details.....
The term "bait money" actually refers to a packet of bills the serial numbers of which a bank pre-records as an control procedure to identify the cash while robbery. This Bait money is usually in a cashiers teller and never under circulation. It is the fixed amount of money kept through out the financial period or even more with the same serials or attached pre-numbered bills to that cash. The bank does not circulate the bait money, and the only way it leaves the bank is if it is stolen; consequently, if a bill from a bait money list turns up, it was most likely stolen at some point. If you want more details ..there was an international case law which is very recent on bait money..United States v. LeShore....study this case law u will come to know more things. U may hunt this case law thru net..if found lucky, u may get it.
Adding to your knowledge other than "bait money" concept there is also one more concept called as "dye packs" the diff is dye pack is an device which explodes while robbery and makes a permanent dye on the robbed notes.
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