HomePOPULARTMB says certain deficiencies were observed in several specific financial transactions

TMB says certain deficiencies were observed in several specific financial transactions

Tamilnad Mercantile Bank (TMB) said on Sunday that “certain deficiencies were observed” in several specific financial transactions during the Income Tax Department’s “spot verification” last week and the “errors” have been rectified.

“The bank’s business operations continue as usual and are not affected by these developments. We comply with our statutory obligations to disclose information from time to time,” the private sector lender said in a BSE filing.

The statement came after the Intelligence and Criminal Investigation Branch of the Income Tax (I-T) department conducted a “spot check” on June 27 at the bank’s headquarters in Tuticorin, about 500 kilometers from Chennai.

The IT department found that the bank had not filed statements of financial transactions relating to cash deposits of more than Rs 2,700 crore.

“…we would like to inform you that during verification it was found that several SFT (Specified Financial Transaction) returns were not filed and certain errors/shortcomings were observed in several SFT returns filed,” TMB said in the latest stock exchange. filing.

“The returns that should have been submitted have since been submitted and the identified deficiencies are also being addressed and corrected,” the bank said.

The lender also stated that the development will have no impact on the financial statements that the bank submits to the statutory authorities.

“No financial impact on the bank is expected. As a law abiding organisation, we provide all the details required by the Income Tax Department,” said TMB.

Read Now:China is open to providing more development assistance to Nepal

[responsivevoice_button buttontext="Listen This Post" voice="Hindi Female"]

LEAVE A REPLY

Please enter your comment!
Please enter your name here

RELATED ARTICLES

Trending News

France Declares State of Emergency in New Caledonia Amid Violent Protests

France has declared a state of emergency in New Caledonia, a Pacific archipelago, following violent protests against electoral reforms...

Unveiling the Mystery of the Brain Microbiome: A New Frontier in Neuroscience

The spotlight on gut microbes has now shifted to the brain, with emerging research shedding light on the existence...

NASA’s Hubble Captures Spectacular Triple-Star System 550 Light-Years Away

In a mesmerizing display of cosmic wonder, NASA's Hubble Space Telescope has captured an exquisite image of a triple-star...

First Cow-to-Human Transmission of Bird Flu A(H5N1) Confirmed in US

The transmission of the highly pathogenic bird flu A(H5N1) from a cow to a dairy farmer in the US...