Demonetisation: I-T dept detects alleged irregularities in conversion of old scrapped notes worth 120 crores by a co-operative bank
The Income Tax Department Has Detected Alleged Irregularities Worth Rs 120 Crore In Conversion Of Old Scrapped Notes By A Co-operative Bank Here.
PTI NEW DELHI Updated on: 30 Dec 2016, 23:04 PM
The Income Tax department has detected alleged irregularities worth Rs 120 crore in conversion of old scrapped notes by a co-operative bank here.
The I-T department conducted multiple searches in the bank and also in the residential premises of its executives and after about five days of operations, it detected that a number of RBI guidelines were flouted leading to illegal conversion and exchange of scrapped notes.
It was also found that the bank, post demonetisation, opened a number of new accounts to allegedly facilitate huge deposits using weak Know Your Customer (KYC) documents.
Officials said the department has seized a number of records from the bank and has summoned a number of bank executives for questioning.
For all the Latest India News, Download News Nation Android and iOS Mobile Apps.
First Published : 30 Dec 2016, 22:59 PM
More from India
Do You Know....Ambedkar as a Social Scientist?
10th anniversary of Crimea: A Photo Exhibition was organized at the Russian House in New Delhi
GATORADE USES DATA TO UNLOCK URBAN PLAYGROUNDS, WITH THEIR INITIATIVE 'TURF FINDER'
News Nation Network Receives Prestigious Amity Corporate Excellence Award at INBUSH ERA Global Summit
Foreign Ministers of Finland and India Unveil a Logo Marking 75 Years of Diplomatic Ties