This story is from December 6, 2016

MGVCL engineer’s account gets Rs 2cr due to bank goof-up

MGVCL engineer’s account gets Rs 2cr due to bank goof-up
Vadodara: An official of the Madhya Gujarat Vij Company Ltd (MGVCL) posted at Shehra was in for a surprise when the taxmen came calling last week. They were questioning him about around Rs two crore that he had deposited in his account after demonetisation.
Tushar Vyas, a deputy engineer with MGVCL, was even issued summons by the income tax department.
All this because of the high deposits in an account linked to his income tax Permanent Account Number (PAN). Vyas was surprised as he did not have any such account.
“An assistant commissioner began inquiring into the matter. When I got the details sending some relatives to the bank where the account was, it came to light that it was a MGVCL account. Even the income tax officials went to the bank and verified things themselves,” said Vyas.
What had made things more complicated was the fact that a bulk of the deposits in the account linked with Vyas’ PAN were in Rs 500 and Rs 1,000 denomination notes. This happened because the bill collections by MGVCL were deposited in the account that had come under the scanner and the company was accepting bills in invalidated currency.
“It came to light that my PAN number was wrongly used by the bank officials for KYC of the company’s account. They should have sought the KYC documents of the company, but did not do so. I have informed my seniors regarding the incident. The officials were also convinced and I was exonerated,” said Vyas.
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