Officials of the Income Tax department on Thursday made their presence felt at the head office of the Madgaum Urban Cooperative Bank here in the evening to check and verify certain documents of the top 25 depositors with the bank.
THE GOAN NETWORK
MARGAO
Bank management, however, termed it as routine, saying the exercise had nothing to do with the bank per se, but with depositors.
The exercise was continuing till late in the night, sources said.
MUCB Chairman Ramakhant Angle told The Goan that the I-T exercise has nothing to do with the bank, saying the bank had been regular in the payment of Income tax and furnishing all details to the department. “The I-T sleuths have started the exercise of scrutinising accounts of the top 25 depositors, whether they have been paying income tax or not. This exercise is not only done in respect of MUCB, but other similar banks as well”, Angle said.
He said the I-T sleuths also told the bank officials to brief depositors on the scheme to disclose black money before September end.
Sources in the know said that the I-T officials had conducted a similar exercise in a bank/society on Wednesday evening and the exercise had continued in the wee hours of Thursday.
Bank Director Rupesh Mahatme said the tax officials made a survey of the records pertaining to deposits of depositors. “There’s nothing unusual about the presence of I-T officials at the bank. They have checked and verified deposits as the norms”, Mahatme said.
