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Back You are here: Home Business & Industry Cooperative banks customers now under IT department scanner

Cooperative banks customers now under IT department scanner

Gujarat Global News Network, Ahmedabad

The Income Tax department has issued notices to around 1,100 cooperative banks and credit societies in the state asking them to furnish details of the account which have Rs. 5 lakh cash deposits.

 This is part of all India drive to keep check on black money and money laundering.

Anyone receiving Rs.10,000 or more in interest from the bank will also have to submit the details of cash deposit. The IT department is now targeting non PAN card holders also. The drive is to keep money laundering and illegal transactions under check, a senior IT officer said.

The drive also includes those who have not filed IT returns. The data gathered by IT officials will be uploaded on central server from where officers can assess for checking. There are around 400 cooperative banks in the state and 700 cooperative societies.

For news in Hindi see our Hindi daily Chaupal Chronicle