Suspicious transactions: IT starts scrutiny of bank accounts in Kerala

The Income Tax officials have started probing into the suspicious transactions in bank accounts after the demonetization in Kerala . The accounts of State Beverages Corporation, Kerala State Road Transport Corporation, fuel stations and a few Jan Dhan accounts are under scanner following a sudden surge in transactions after the currency ban. 

As many as 11 bank accounts in Kozhikode, and an undisclosed number of accounts in Kochi are being examined by the IT officials after suspicious transactions above Rs.1 crore. The Financial Intelligence Unit (FIU) formed by the Centre is closely monitoring the unusual swell in remittances in the accounts. 

In the first phase, the Income Tax officials would scrutinise remittances above Rs.1 crore as per the directions of the FIU.  

The central agencies had initiated probe into the spike in the sale of used vehicles in the state. The department had issued notices to second-hand vehicle sales agencies and State Road Transport Offices to furnish the details of the sales and re-registration in the past few days. 
 

• black money
• demonetization
• currency ban