New Delhi: Amid incidence of illegal conversion of old currencies of Rs 500 and Rs 1000 notes reported at many bank branches during the demonetisation period, the Reserve Bank of India has focused its investigation on suspicious transactions at various bank branches including those who got demand draft (DD) made during this tenure using old currencies and later cancelling them, thereby converting old notes into new.
The Central bank has sent a letter to these banks in which they have been asked to produce details of types of deposits, withdrawals, details relating to loan accounts, deposit and withdrawal in Jan Dhan accounts.
RBI has asked the banks all the details of all the DDs made during the nearly 50- days demonetisation period and later cancelling them.
Many branches reported customers coming with banned currency notes of Rs 500 and Rs 1000 and got the DD made and later canceled them.
A person is allowed to hold a DD for at least 3 months period. Since the charges for making drafts and cancelling them are very low, many individuals opted for this route.
According to sources, “it appears RBI is obtaining details of all such individuals who may be investigated some times later.”