IT dept raids Delhi Axis bank branch for black money

NewDelhi,Nov25: I-T dept raids AXIS bank branch after 2 people were held with Rs3.5 Crores in new notes; Staff allegedly changed black money.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.