Lockers operated multiple times to stash cash, jewels under I-T scanner

NEW DELHI: The income-tax department has started a crackdown on “suspicious” bank lockers after searches and raids revealed that these were being used to stash illegal cash and jewellery.

Tax officials were seeking details of lockers operated multiple times, especially in co-operative banks, after the government announced the recall of `500 and `1,000 banknotes on November 8, sources said.

“Benami bank lockers are being monitored to check ownership as these have been used for illegal activities and hoarding illegal cash and wealth,” a government official said.

“However, it must be re-iterated that it is aimed at addressing the black-money issue and there will be no sealing of bank lockers, as we have already said.”

A benami, or ghost, locker is operated by someone other than the person in whose name it is issued. There have been instances when a holder has agreed to keep cash or jewellery for a family member, an acquaintance or even a senior at work.

Large quantities of cash — `600 crore — and gold, most of it in the form of jewellery, have been seized during nation-wide raids. Undisclosed income amounting to `5,343 crore has been earthed, so far.

The government said the note ban was part of its war against corruption and black money.

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