Banks will collect details of those using exchange window

MUMBAI: Banks are putting in place a backend network to obtain details of people using the window open till December 31 for exchange of high-value notes, and share them with enforcement agencies like the Income Tax department, said two people working on such systems.

“The tax department will get a lot of information,” a banker said on condition of anonymity. “Bankers will have a lot of administrative work to do as they have to collect the Aadhaar and PAN details of people depositing money for exchange.”

“We are asking customers to furnish PAN details for deposits of over Rs 10,000 during the demonetisation process,” another banker said on condition of anonymity. “A copy of Aadhaar or PAN will be required if customers want to exchange currency notes.”

The government’s latest announcement is a follow through of its measures against black money post the September 30 deadline for the Income Declaration Scheme, which unearthed Rs 65,000 crore.

“There are reporting requirement whenever you deposit cash in your account beyond a limit,” Rajnish Kumar, MD, SBI, told ET.

Bankers said there has been no change in guidelines for reporting suspicious transactions and they were doing it as per RBI guidelines. “We are reporting extraordinary transactions to authorities in normal course,” Rakesh Sharma, MD, Canara Bank, told ET. “If more than Rs 50,000 cash is deposited in the account, customers are needed to quote their PAN.”