Union Bank of India, which is under Tax Department's scanner, has said that it had followed all the norms and added that it was fully cooperating with the revenue and tax auhtorities on the Rs.4000 crore money laundering scheme.
Mr. M.V. Nair, Chairman and Managing Director, Union Bank of India, told reporters that the bank followed the RBI's cash transaction reporting system and reported every cash deposit of over Rs.10 lacs to the authorities concerned.
Source: http://www.blonnet.com/2009/11/19/stories/2009111951030600.htm
KODA SCAM: ALL NORMS FOLLOWED - UNION BANK OF INDIA
Labels: BANKING N FINANCE
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