As many as 27 bank officials of public sector banks were suspended and six others were transferred for violating Reserve Bank of India norms post demonetisation, PTI reported. A statement released by the Finance Ministry said some officials were found involved in carrying out transactions that were irregular and violative of the Reserve Bank of India’s instructions.
The Ministry also warned people that illegalities will not be tolerated and appropriate action will be taken against individuals who are involved in irregular and unauthorised activities.
The suspensions have come amid reports of Income Tax authorities conducting raids at many places after the Centre’s move to demonetise Rs 500 and Rs 1,000 notes. Two businessmen in Bengaluru were held for possessing Rs 5.7 crore cash in new currency notes.
The RBI has put a cash withdrawal limit for individuals and businessmen. The RBI had earlier asked banks to take strict action against officials who violate guidelines.
In an interview to a TV channel on Friday, NITI Aayog Vice Chairman Arvind Panagariya had said that the Centre may abolish the discretionary powers given to tax offers in deciding liabilities for evasion.
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