New Delhi: Anyone who’s never had more than Rs 2 lakh in his or her bank account but does so now should be worried.
Such accounts will be red-flagged and invite scrutiny by RBI, which may report them to the income-tax department to be investigated for possibly suspicious transactions as the government gears up for the next phase of its anti-black money campaign.
The central bank has ordered banks to provide data on such accounts as it steps up efforts to ensure that the banking system is not misused to launder black money after the demonetisation+ drive that was announced on November 8, said people familiar with the matter.
This appears to be a lowering of the threshold for inquiry banks are currently providing information to the Financial Intelligence Unit on accounts where customers have deposited Rs 2.5 lakh or more in cash. This comes as raids have uncovered bundles of currency stashed away in bank lockers or being transported across the country.
Several bank employees, including one RBI official, have been suspended or sacked for unauthorised exchange of notes amid a currency shortage that has hit regular customers and hurt the economy.