I-T officials check head office of Tamilnad Mercantile Bank in Thoothukudi 

June 27, 2023 11:28 pm | Updated 11:28 pm IST - THOOTHUKUDI

Officials of Intelligence and Criminal Investigation Wing of Directorate of Income Tax checked the Head Office of Tamilnad Mercantile Bank (TMB) on V.E. Road in Thoothukudi on Tuesday.

“It is a spot verification of statutory compliances under the I-T Act,” said a TMB’s communiqué to the National Stock Exchange and Bombay Stock Exchange.

Sources in the TMB said details of specific financial transactions of certain accounts were checked.

Asked if the search was connected to the exchanging of ₹2,000 currency notes following its withdrawal, the sources replied in negative. “The Bank is fully co-operating with the officials and responding to the clarifications and details sought by them. We will continue to provide any further clarification/information that may be required,” said the report submitted by Prakash Chandra Panda, Company Secretary and Compliance Officer, TMB.

The business operations of the bank continued as usual.

A source from the department said this was a routine verification pertaining to a particular transaction. 

Top News Today

Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in


Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.