2400 Banks and 5000 Petrol Bunks Under IT Scanner

2400 Bank Branches and 5000 Petrol Bunks across the country are reportedly involved in Money Laundering during the Demonetization. Initially, Banks were allowed to exchange money up to 4000 over the counter and Petrol Bunks were allowed to accept the Junked notes almost throughout the 50 days period.

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Bank Officials joined hands with the corrupt and ensured the smooth exchange of the 500 and 1000 Notes leaving no evidence. 2400 such Bank Branches are under the Center’s Scanner. About 5000 Petrol Bunks have exchanged notes illegally as their total sale value is less than the amount of money they exchanged.

These are the ways which were supposed to help the people during demonetization, but then they were used to help the corrupt. Income Tax Department and the other departments of the Central government initiated an inquiry into these malpractices and if they are proved, they are likely to face stern action.