New Delhi: The series of IT raids to unearth black money following demonetisation, exposed large cache of black money stashed in the newly released Rs 2,000 and 500 notes. This speaks volumes on the corruption prevailing in India's banking system.
In order to nab culprit bank officials who connived with black money hoarders and help them in converting their black money into white, Finance Ministry has conducted sting operations in around 500 bank branches to expose corrupt bank employees. As per reports, around 400 CDs with clinching evidence against these corrupt bank officials have reached finance ministry and action will be taken against such officials as and when the order is restored regarding supply of notes in the banking system. There have been several reports coming from across the country where large cache of new currency notes have been seized by income tax officials.