Over 20 bank employees have been suspended across the country for facilitating illegal transaction of defunct Rs 500 and Rs 1,000 notes amounting to Rs 71.47 crore since the government’s demonetisation move on November 8, 2016.
Discrepancies in transactions have been detected at 14 branches of various banks including Axis Bank, Dhanlaxmi Bank, State Bank of Mysore, Bank of Maharashtra and Syndicate Bank, the government said.
“Banks have reported 14 cases (branches) where bank employees have been found involved in irregular exchange transaction of specified bank notes (SBNs) after demonetisation,” Santosh Gangwar, minister of state for finance, said in a written reply in Lok Sabha.
More than Rs 46 crore of illegal transactions were exposed across three of Axis Bank branches — the maximum in the country — after which three of its employees were suspended.
Dhanlaxmi Bank, which reported illegal transaction of about Rs 22.67 crore, suspended eight employees, the minister said in Parliament.
Both public and private sector banks have been directed to record and track the trail of high value transactions.
Meanwhile, the income tax department has conducted over 1,100 searches and sent 5,100 notices till now in the aftermath of the demonetisation exercise started on November 8.