Acting over allegations of allowing exchange of demonetized notes more than permissible limit, the Income Tax (IT) department today conducted raid at Puri Urban Co-operative Bank here, reports Odisha Sun Times.
According to reports, a three-member team of the IT department conducted raid on the bank and examined cash transactions, money receipts and others important documents of the bank.
Worth mentioning, as per Reserve Bank of India’s guidelines, a person will be allowed to exchange demonetized notes with the new ones upto Rs 2,000. The exchange limit was initially set at Rs 4,000 and later hiked to Rs 4,500.