Co-operative Bank of Rajkot comes scrutiny of I-T department
The co-operative Bank of Rajkot received a total cash deposit of Rs 871 crore between November 9 and December 30 while withdrawals stood at Rs 108 crore.india Updated: Jan 08, 2017 13:24 IST
The Co-operative Bank of Rajkot Ltd has come under the scrutiny of the Ahmedabad unit of the Income Tax department. The bank received a total cash deposit of Rs 871 crore between November 9 and December 30 while withdrawals stood at Rs 108 crore.
A senior official of the IT department told HT that as many as 4,551 accounts were opened during demonetisation compared to an average of about 5,000 opened annually in the previous years.
The department has also set its sight on a former director’s son, who received Rs 1 crore through cash deposits in 30 bank accounts. “All the pay-in slips were filled by the same person, so we will look into it,” the official said.
Moreover, the bank’s vice chairman’s mother received Rs 64 lakh in cash deposits which were then transferred to a jeweller.
“Various dormant accounts have been identified.. in which large cash deposits were made totalling Rs 10 crore...” the official added.
Transactions in co-operative banks are being monitored. While the government said deposits of Rs 2.5 lakh and above would be scrutinised, officials said that even smaller amounts in Jan Dhan accounts or newly opened accounts would be investigated.