Un­ex­plained cash de­posits by petrol pumps

Financial Chronicle - - PLAN, POLICY -

Ra­jkot-based fuel sta­tion

Anal­y­sis of cash de­posits data dur­ing de­mon­eti­sa­tion pe­riod re­vealed that there were over 110 petrol pumps un­der Ra­jkot charge, which had de­posited cash of Rs 190 crore. On an av­er­age, it was found that one-fifth is the ex­cess cash de­posited in pumps over and above the sales made in the cor­re­spond­ing pe­riod. De­mon­eti­sa­tion data was com­pared with av­er­age monthly sale of last year. The bank state­ments were also gone through for fur­ther anal­y­sis like pe­ri­od­ic­ity and mag­ni­tude of cash re­ceipts and pay­ments. Cases, where de­vi­a­tions were ob­served be­yond 25 per cent, were se­lected for sur­vey, as the gov­ern­ment had al­lowed petrol pumps to ac­cept scrapped bank notes (SBN) against the sale dur­ing de­mon­eti­sa­tion. The ex­er­cise led to de­tec­tion of dis­crep­an­cies of more than Rs 10 crore in 9 sur­veys.

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