Officials of the Intelligence and Criminal Investigation Wing of the Directorate of Income Tax on Tuesday inspected the head office of Tamil Nad Mercantile Bank (TMB) at VE Road in Thoothukudi.
“This is a spot verification of statutory compliance under the IT Act,” said TMB’s release to National Stock Exchange and Bombay Stock Exchange.
TMB sources said specific financial transaction details of some accounts were scrutinised.
When asked if the searches were related to the exchange of ₹2,000 notes after withdrawal, the sources replied in the negative. “The bank is fully cooperating with the authorities and responding to the clarifications and details sought by them. We will continue to provide any further clarifications/information that may be required,” said the report submitted by Prakash Chandra Panda, Company Secretary and Compliance Officer of TMB.
The bank’s business continued as usual.
A source in the department said it was a routine verification related to a particular transaction.