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.