KOZHIKODE: Ever since the Centre launched the demonetisation drive, the Income Tax (I-T) and Enforcement Directorate (ED) have been shadowing gold loan account holders in nationalised and private banks who have closed their loans by paying outstanding amount using the banned currency notes.
According to senior officers, many incidents have been reported in the State where account holders have foreclosed their gold loan by paying around Rs 3 to Rs 5 lakh.
“These gold loan accounts have been lying idle with no repayment (even the interest amount). Post demonetisation, the account holders have cleared their outstanding dues and released the pledged gold. We are trying to track the source from where money came to these account holders,” said an I-T officer.
Enforcement Directorate officers said they have specific inputs that people with unaccounted money have been helping those with gold loan accounts to repay the amount and release the pledged gold. These people give money to the account holders on condition that they need to repay it in easy instalments. “We have collected details from a few account holders who have closed their gold loan accounts. All transactions will be made accountable in the coming months,” the officer added.
I-T officers said the banks have been directed to give details of all the gold loan transactions made post-demonetisation. “All gold loan transactions made using pan card could be easily tracked. Initial inputs reveal that the majority of the gold loans settled are in the agriculture loan segment,” the officers said, adding that they have made it mandatory for the banks to disclose the details of the people who retrieve pledged gold by paying liquid cash.
“If bank staff operate hand-in-glove with these people to help them get away with it, then the department will register cases against them too,” the officers added.