IT Dept: Examining Suspicious Bank Accounts in Kerala


The Income Tax department has launched a detailed investigation into suspicious bank accounts which witnessed huge cash transactions after the demonetisation movement by the PM Narendra Modi. The investigation will cover bank accounts which accepted deposits of over Rs 1 crore after the scrapping of Rs.500 and Rs.1000 notes.

It is learned that state government institutions including the Beverages Corporation will come under the IT scrutiny. The bank transactions of KSRTC and petrol pumps will also be examined.

The list of suspicious accounts has been handed over to the investigative wing of Kochi IT Dept. office by the Central Board of Direct Taxes (CBDT).

Though the number of bank accounts in the list is not yet disclosed by the authorities, it is seems that some accounts are being subjected to thorough scrutiny in Kozhikode and Kochi.

The RBI has been monitoring transactions in bank accounts across the country, after 8th, November. The Financial Intelligence Unit (FIU) formed by the Centre has been tasked with this work.

It is also informed that, the accounts which received deposits over Rs 2.5 lakhs will also be a subject to scrutiny in the next phase of the IT Dept investigation.

Income Tax Principal Chief Commissioner (Kochi) P K Das, also told to the source that, this investigation process will be carried out as part of a routine process and there is no need to panic. Source


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