The raids were conducted after two people were held with Rs 3.5 crore new notes.
The bank managers reportedly took the commission in gold. In order to curb black money, the government on November 8 announced that high currency denominations of Rs 500 and Rs 1,000 will no longer be legal tender.
Holders of the currency have the option to deposit them in bank accounts till December 30. However, several reports have surfaced where unscrupulous elements are using various means to convert their black money into white.
Income Tax conducts a survey at the Kashmere Gate Branch of Axis Bank, searches being conducted at the residence of its 2 managers: Sources pic.twitter.com/s6IgH1nFGB— ANI (@ANI_news) November 25, 2016
Jan Dhan Accounts have seen a huge surge in deposits, with Rs 21,000 crore being parked in such accounts following demonetisation.