IT Net on Telangana Farmers’ Bank Accounts?

The Corporation Banks in Telangana have seen deposits worth 286 Crore in just Four days after the Demonetization. Most of the accounts in these banks are of poor farmers who often struggle to find money for the agriculture. But then suddenly crores are parked in these accounts in days time.

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Finance Intelligence Unit (FIU) in Union Finance Department had started inquiring into the issue. All the deposits of 286 Crore are in old 500 and 1000 Notes. Sensing irregularities, Central government banned deposits in Corporation Banks. Doubts are that this is the money of the politicians.

DCCB Banks are not on the internet and so it became very easy to make ‘Back Dated’ Deposits. In Kerala, over 2000 Crore money is deposited in the DCCB Banks. After many allegations, RBI barred deposits in DCCB Banks from November 14th.