(a) whether the Income tax authorities has recently found a whooping Rs.
1540 crore black money transacted in a branch of Federal Bank of India
(FBI) as reported in The Time of India dated February 5, 2006;
(b) if so, the facts and details thereof;
(c) the modus operandi of the scam and whether the officials of the banks are
involved with scamsters; and
(d) if so, the steps taken by the Government to check such money laundering
scam and also take panel action against the guitty without delay?
MINISTER OF THE STATE IN THE MINISTRY OF FINANCE (SHRI S.S. PALANIMANICKAM)
(a) The Income tax authorities, during the course of enquiries carried
out in October 2005, have found deposits amounting to around Rs. 1500
crore in bank accounts maintained by three entities in the Fatehpuri
Branch, Delhi of Federal Bank of India.
(b) and (c) Enquiries carried out in respect of the three entities have revealed
that they were accepting demand drafts from various businessmen which
were subsequently deposited in their bank accounts and cash was paid
after deducting a small percentage by way of commission. These entities
have failed to offer any explanation with regard to the source of these
deposits and destination of the withdrawals.
Preliminary enquires do not indicate any involvement of the bank officials in these cases.
(d) The Government have Introduced the Banking Cash Transaction
Tax with effect from 1st June, 2005 to check the trail of large cash withdrawals made through
banking channels. Appropriate action as per law is taken against the persons found guilty of
evading tax.