FinMin joins money-laundering investigation fray: Sources

Written By Unknown on Senin, 18 Maret 2013 | 23.25

Mar 18, 2013, 06.23 PM IST

CNBC-TV18 reports, quoting sources, that the that the finance ministry has launched an investigation into allegations of money-laundering by HDFC Bank , ICICI Bank and Axis Bank

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FinMin joins money-laundering investigation fray: Sources

CNBC-TV18 reports, quoting sources, that the that the finance ministry has launched an investigation into allegations of money-laundering by HDFC Bank , ICICI Bank and Axis Bank

Like this story, share it with millions of investors on M3

FinMin joins money-laundering investigation fray: Sources

CNBC-TV18 reports, quoting sources, that the that the finance ministry has launched an investigation into allegations of money-laundering by HDFC Bank , ICICI Bank and Axis Bank

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It's not only the RBI that is going after the banks in question . CNBC-TV18 reports, quoting sources, that the that the finance ministry has launched an investigation into allegations of money-laundering by HDFC Bank , ICICI Bank and Axis Bank . In fact, the enforcement directorate, the revenue department and the banking department are involved in the inquiry.

The CBDT may consider the application of Sections 276, 278 of the Income Tax Act that legislates that the guidance and advice offered to evade tax is a criminal offence. This could be invoked against the employees involved. Sources add that just suspension of employees may not suffice.


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