Rs. 4000 crore unexplained deposits in DCC banks

Currency

Cooperative banks all over the state that are under the radar of the department for concealing information of the high value transactions including fixed deposits of more than Rs 10 lakh, will face serious action in the days to come. "The banks had not disclosed as many as 59,373 deposits, each of which had more than Rs 10 lakh, including 2,000 accounts that we found in the two inspections we carried out after demonetisation was announced".

Ramaswamy said the department has also intimated the Reserve Bank of India to conduct inspections on banks which were not disclosing information (about deposits). This amount was only Rs 140.07 crore in the previous fiscal.

Addressing reporters at a news conference, I-T officials said that, from 1 April to 27 December 2016, Rs 116.46 crore cash and bullion was seized in raids.

The I-T department started inspecting 14 banks since April.

The tax department has issued notices to over 250 account holders and is likely to expand the list, said sources. "Some of the banks have not filed their annual returns for six to eight years", Ravichandran said. This apart, letters seeking explanation about the source of the finance have been sent to 1,300 depositors for fixed deposits upwards of Rs 1 crore amounting to Rs 2,400 crore. "Under the new scheme, people have yet another chance to declare the undisclosed income by paying 50% towards tax, surcharge and penalty berfore March end". We have also written to the Registrar of Karnataka Cooperative Societies to take action against such banks. On December 15, the Mumbai Police intercepted a private vehicle carrying over Rs 10.10 crore - Rs 10 crore in old Rs 500 notes and Rs 10 lakh in Rs 2,000 notes - belonging to the Vaidyanath Urban Co-operative Bank Ltd.

"Top depositors of old currency notes in banks, huge payments including arrears to the electricity department, huge payments for insurance policies or even at the post office are identified and these persons are requested to furnish details of the income".

Moreover, after demonetisation, 1,300 entities have been issued notices for non-PAN entries exceeding Rs 1 crore each, in any bank in Karnataka, including co-operative banks, I-T officials added.

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