Cooperative bank data submission to IT dept may not be smooth

A Reserve Bank of India official today said he was not sure about IT preparedness and capability of cooperative banks on submission of data demanded by the Income Tax department.
"I know all schedule banks are ready with IT preparedness to submit and share banking data, but I am not very sure about their computerisation level in cooperative banks," RBI DGM Manish Parasar said at a workshop for bankers on the statement of financial transactions.
However, the central banker exhorted all banks, cooperative banks and post offices to fully adhere to the IT rules and upload the correct information in a timely and efficient manner.

Income Tax Department has sought cash deposit data within January 31, specifically for period between November 9 and December 31 with more than Rs 2.5 lakh in saving accounts and Rs 12.5 lakh in current accounts.
In order to analyse the cash deposit data to track black money, the Income Tax department seeks cash deposit data between November 9 and December 31.
The department officials said there had been instances of large sums of cash deposits with PAN or Form 60. But, the IT department has put the onus on the banks to submit the data with PAN details of the customer from their KYC data.

Banks would have to upload the relevant information for cash deposits in different accounts post demonetisation in form 61A.