Rs 745.58 cr deposited/exchanged in Ahmedabad District Coop bank post-note ban: Govt

The government today said among cooperative banks, maximum amount of Rs 745.58 crore was deposited or exchanged in Ahmedabad District Cooperative Bank during five-days following demonetisation of high value currency notes in November 2016.

The banned notes (Rs 500 and Rs 1,000) amounting to Rs 732.76 crore were deposited in more than 1.26 lakh accounts, while Rs 12.82 crore were exchanged by 33,198 persons.

"During 05 days after demonetisation, SBNs (specified bank notes) worth Rs 745.5 crore were deposited/exchanged in Ahmedabad District Central Cooperative Bank," Minister of State for Finance P Radhakrishnan said in a written reply in the Rajya Sabha.

He also informed that the highest amount of SBNs totalling Rs 3.09 lakh crore were deposited or exchanged in the State Bank of India between November 10, 2016 and December 30, 2016.

To a question if the government had probed the huge deposits, the minister further said that Income Tax Department has taken suitable action against persons found to be involved in making unaccounted deposits, post-demonetisation, in various banks, including co-operative banks.

Between November 2016 and March 2017, the tax department conducted searches in 900 groups, involved in various activities and business, leade to seizure of Rs 900 crore, including cash seizure of RS 636 crore.