TN:IT dept launches exercise to check illegal deposits of funds

Income Tax Department's investigation officials have launched a state-wide inspection of Central Cooperative Banks in Tamil Nadu to check whether there was any illegal deposits of funds post demonetisation, official sources said today.
"It is a state-wide exercise. I cannot reveal any other details," a top official told PTI.
A report from Cuddalore said, a team of Income Tax officials were carrying out checks at the Central Cooperative Bank in the district.
According to official sources, the inspection was being done following reports that "large amount of demonetised notes have been deposited in various branches of the bank."
An official said it was routine for the Income Tax Department to check whether illegal transactions had taken place.

Income tax officials conducted checks at the District Central Cooperative Bank in Salem earlier this week following reports that huge sums of money in scrapped Rs 1,000 and Rs 500 notes had been credited.