Income Tax Dept has informed RBI of alleged serious malpractices several cooperative banks especially in Mumbai and Pune have committed after demonetization, reports Press Trust of India.
The IT department conducted surveys on these two banks post the notes ban, and it “detected serious unexplained difference between the old notes reported to the RBI and the physical stock” available in the bank during the said operation.
This explains why RBI issued a circular on December 30 last year requiring all banks to deposit all old notes received till December 30, 2016 with RBI chests by the next day, ie, December 31, 2016 and also stating that old notes cannot form part of the closing cash balance of banks as on December 31, 2016.
An analysis report prepared earlier by the IT department claimed its sleuths found many cooperative banks involved in generating and routing of black money at an “unprecedented” scale post November 8.