I-T dept raids residence of 2 Axis Bank managers for helping in conversion of black money

The raids were conducted after two people were held with Rs 3.5 crore new notes.

Updated: Nov 25, 2016, 20:27 PM IST
PlayI-T dept raids residence of 2 Axis Bank managers for helping in conversion of black money

Zee Media Bureau

New Delhi: The Income Tax department on Friday raided the Kashmere Gate branch of Axis Bank in Delhi, as per a report in a TV news channel. The raids were conducted after two people were held with Rs 3.5 crore new notes.

An CNN News18 report said that the I-T department is also conducting search operation at the residents of two Axis bank managers who are allegedly involved in carrying out the conversion of black money.

The bank managers reportedly took commission in gold. Further details are awaited.

In a move to clamp down on the growing menace of black money and fake currencies, the government on November 8 announced that high currency denominations of Rs 500 and Rs 1,000 will no more remain a legal tender.

Holders of the currency have option to deposit them in bank accounts till December 30. However several reports have surfaced where unscrupulous elements are using various means to convert their black money into white.

Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation.

In the last 13 days, banks have been flooded with deposits in Jan Dhan accounts that have touched Rs 21,000 crore.