UBI CMD denies I-T dept’s charge

NEW DELHI: State-owned lender Union Bank of India (UBI) has denied the tax department’s allegations that transactions over Rs 10 lakh were not reported to the Financial Intelligence Unit (FIU).

“Cash transaction report has been sent regularly to authorities concerned . Every single cash deposit above Rs 10 lakh has been reported to the authorities concerned as per the prevalent regulations,” UBI CMD MV Nair told media in NEw Delhi on Wednesday.

The central board of direct taxes had summoned Mr Nair last Monday on grounds that the bank did not furnish details of cash transactions worth more than Rs 10 lakh by Balaji Bullion Corporation and Balaji Bullion Bazar, two companies that allegedly helped the former Jharkhand chief minister Madhu Koda