IT Dept conducts checks at co-operative banks
Kozhikode: The Income Tax Department has launched a verification drive across the state’s co-operative banks following information that there has been a huge outflow of cash from these banks after the demonetisation.
It is learned that crores of rupees have been deposited with nationalized banks by some co-operative banks despite the ongoing currency crisis post-demonetisation.
The taxmen started investigation into dubious transactions at co-operative banks on information that people have been trying to convert black money into white through the co-operative banks mainly in Northern districts of the state.
A co-operative bank based in Kozhikode has deposited Rs 12 crore in a leading nationalized bank recently. Another bank in Malappuram deposited around Rs 8 crore. Similar amounts of deposits were received from co-operative banks in Kasaragod and Thrissur, the investigation has revealed.