Though the government had already clarified its stand on the maximum limit to deposit money in banned currency in bank accounts but some people found alternatives to convert their black money into ‘white’. They apparently approached bank and post office officials for ‘under-the-table’ payment. Just such an incident has been unearthed in Delhi, where the Income Tax department has found that approximately Rs 40 crore were deposited in Axis Bank’s Kashmiri Gate branch allegedly with the involvement of officials. The amount was deposited in three newly opened accounts and all the submitted notes were in banned currency. According to a Times of India report, the branch managers were allegedly paid Rs 40 lakh for these transactions.
According to new government norms about money deposits in bank accounts, transactions below Rs, 2.5 lakh will not be considered as ‘under-scanner’, but more than this will invite an investigation from I-T department. However, if source of money is legitimate then the person concerned will be able to show it as such and take a sigh of relief. But in the above case action was ‘suo-moto’.
The said amount was deposited in accounts between November 11 and 22, total value of which is Rs 39.26 crore. The amount was later transferred out to the other accounts through RTGS or electronic transfers, which automatilcally converted the amount from black to white.
After the interrogation three accussed revealed that bank managers provided them special facility, beyond working hours to make these transactions. And according to bank spokesperson the accused are their existing customers. However, further investigation is underway.