All you want to know about the I-T raids on Jain co-operative bank

By: | Updated: December 31, 2016 11:14 AM

Another bank in the national capital has come under the radar of the Income-Tax officials. As per them, the bank was circumventing the cash limits of Rs 4,500 placed on currency exchange by Reserve Bank of India (RBI).

When the news of Income Tax raids at the bank spread, a group of bystanders gathered outside to see the development. (Praveen Khanna)When the news of Income Tax raids at the bank spread, a group of bystanders gathered outside to see the development. (Praveen Khanna)

Another bank in the national capital has come under the radar of the Income-Tax officials. As per them, the bank was circumventing the cash limits of Rs 4,500 placed on currency exchange by Reserve Bank of India (RBI). This was being done by wrongly filling forms for exchange using identity cards of some other people.

As per the peon of the bank, he had no knowledge of such rackets. Speaking to ‘The Indian Express’, he said of changing his money with the help of his identity card and asked how would he get access to identity proofs of others. Few men, who were outside the bank said they were not surprised at the raid of the bank.

“We have stood in line here at 4 am to exchange old notes but return empty-handed. The bank would not give money to common people and would exchange notes of traders in the area. We suspected there was something fishy as traders and businessmen would enter and leave the bank at odd hours,” said Nirmal Kumar was quoted to have said by the paper.

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When the news of Income Tax raids at the bank spread, a group of bystanders gathered outside to see the development. The bank was open for public dealing till evening but was only accepting deposits by cheques.

The dealing was done in a small room in the basement of the building. Records were also maintained on the first floor.A bank employee told the paper that I-T officials have been in and out of the offices since December 26, when the branch, along with those of others were raided.

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