In the income tax raids carried out by Friday, around Rs 5 crore worth of new currency notes were seized.

27 senior bank officials suspended on charges of illegal conversion of notesImage for representation/PTI
news Demonetisation Saturday, December 03, 2016 - 15:46

Following demonetisation, 27 senior bank officials were suspended in the country on charges of illegal conversion of currency notes, the Finance Ministry said in a statement on Friday.

Six more bank officers were transferred to non-sensitive posts. The finance ministry stated that some cases have come to its notice about officials involved in carrying out transactions which were irregular and in violation of RBI's instructions.

The statement further cautioned: "Illegalities will not be tolerated and appropriate action will be taken against individuals involved in irregular and unauthorised activities".

Meanwhile, about 50 income tax officials and police personnel carried out seizures in Bengaluru, Chennai, Erode and many other locations from Thursday. The seizure of cash in new currency notes on Friday was around Rs. 5 crores, even as the Income-Tax Department said it detected unaccounted income worth Rs. 152 crores.

The officials also seized notes of Rs 100, demonetised notes of Rs 500 and a few gold biscuits during the operation. They also added that the department had to ask for more note-counting machines and additional staff to ascertain the value of the seized cash, reported The Hindu