IT drive against customers of UCBs

As directed by the RBI, the IT dept has put a watch on account holders in cooperative banks in Gujarat for tax evasion. The IT dept. claims it has already recovered Rs. 5 crore from defaulters under ”Project UCB ” a special drive started sometime ago.

About 1500 defaulters have been identified so far and their tax returns are being examined, say the IT officials.
Sources say the IT move in Gujarat is part of an all India drive to enquire into money laundering, irregular transactions and black money operations being carried out through scores of cooperative banks and credit societies in Gujarat.

According to the IT officials, thousands of customers of cooperative banks do not have PAN cards and they have been issued notices. Ever since the drive has begun, there has been a drop in tax evasion and other criminal activities , note the IT officials.