I-T survey at Axis Bank on cash conversion issue

With continued chaos and confusion over demonetisation and reports of alleged irregularities in converting the scrapped currencies regarding the same, the Income-Tax department on Friday conducted survey operations at a private bank branch. 

Officials said the taxman scrutinised documents and grilled a few officials of the Kashmere Gate branch of Axis Bank after the Delhi Police had intercepted two people with carrying Rs 3.5 crore cash in the new currency and informed the I-T department.

They said the case is being investigated and at least two senior officials of the bank are under scanner.

Axis Bank’s official spokesperson said: “The deposits were made in the existing accounts of our customer at Kashmere Gate branch in Delhi. The bank is investigating the matter in detail and is fully cooperating with the agency on ground.”