PANAJI
The Chairman of the Administrative Committee of Goa State Cooperative Bank Ltd Prabhu Verlekar on Tuesday stated that the large volume of demonetized currency deposited in the bank was due to the daily cash turnover from the many co-operative societies having their accounts with them.
The statement comes a day after The Goan brought into focus an amount of Rs 344.62 crore deposited in Goa through GSCBL during the demonetization period between November 9 and December 30, 2016.
"There are over 4000 cooperative societies in Goa engaging in business of trading, supermarkets and other allied activities involving large daily cash turnover," Verlekar disclosed.
While stating that appropriate documentation has been maintained by the bank, he said the bank has received demonetized currency mainly from their customer societies after verifying KYC norms.
"There is nothing wrong in accepting demonetized notes as per guidelines of the Reserve Bank of India and added that procedures laid down by the Reserve Bank of India have been followed and details have been accordingly reported to the appropriate authorities," Verlekar further clarified.
The GSCBL deposits stood second only to Himachal Pradesh State Co-operative Bank Ltd among apex co-operative banks of 11 small states in terms of deposits of demonetized currency during the period.
It may be noted that the news report was based on data furnished by National Bank of Agriculture and Rural Development (NABARD) to a Mumbai-based RTI activist, a copy of which is in possession of The Goan.
