Bengaluru: Income Tax Director (Intelligence and Criminal Investigation) Ravichandran Ramasamy on Wednesday said that the I-T department has as of today, found out an undisclosed amount of Rs 7,636 crore in as many as 14 searches conducted on banks, especially cooperative banks in the current year across Karnataka.

“We have as of today found out an undisclosed amount of Rs 7,636 crore in as many as 14 searches conducted on banks, especially cooperative banks in the current year across Karnataka,” he told reporters here.

Replying to a question, Ramasamy said the department has taken action against 14 cooperative banks as they have been exposed to prosecution for holding back information, which amounts to aiding and abetting tax evasion. “We have taken action against 14 cooperative banks as they have been exposed to prosecution for holding back information, which amounts to aiding and abetting tax evasion,” Ramasamy said.

He further said that the department has issued as many as 2,300 letters to the guilty lots, asking them to pay up taxes on their undisclosed deposits. “We have already got 800 people coming forward to declare their income and paying up taxes and penalty,” he said.

Ramasamy said the department has also intimated the Reserve Bank of India to conduct inspections on banks who are not disclosing information. “We have also written to Registrar of Karnataka Cooperative to take action,” he added.

Replying to another query, Ramasamy said that out of the 285 banks in Karnataka, 80 banks have not been providing information by way of annual returns. “They will have to face the penalty of Rs 500 every day,” he added.

He said post-November 8, after Narendra Modi’s demonetisation announcement, the department have conducted two inspections and found out 2,000 entries amounting to Rs 1,600 crore undisclosed amount. “Some 20 people have come forward to declare the amount to escape unwanted consequences,” he said.