Tamilnad Mercantile Bank clarifies on filing of Specified Financial Transactions returns; says errors addressed
21 October 2024
Tamilnad Mercantile Bank has said that a few Specified Financial Transactions (SFT) returns were not filed and certain errors or deficiencies were observed in few of the filed returns. "The returns which were to be submitted have since been submitted and errors or deficiencies observed are also being attended to and rectified," TMB said in a letter to National Stock Exchange and Bombay Stock Exchange.
The bank said this has no implication on the financial statements filed by the bank with the Income Tax Authority and other statutory authorities. "As a law-abiding organisation, we are providing all details that are required by the department. Business operations of the bank are continuing as usual and are not impacted. We are complying with our legal obligations for disclosure from time to time," the bank said.
This comes after the department said that TMB did not file a statement of financial transaction (SFTs) pertaining to cash deposits of over `2,700 crore involving more than 10,000 accounts. The Income Tax department said that during verification of the bank to address reporting entity compliance issues, it also found discrepancies in specified credit card payments involving total transactions worth `110 crore; dividend distributed of more than `200 crore and shares issued of over `600 crore.
Tamilnad Mercantile Bank has said that a few Specified Financial Transactions (SFT) returns were not filed and certain errors or deficiencies were observed in few of the filed returns. "The returns which were to be submitted have since been submitted and errors or deficiencies observed are also being attended to and rectified," TMB said in a letter to National Stock Exchange and Bombay Stock Exchange. The bank said this has no implication on the financial statements filed by the bank with the Income Tax Authority and other statutory authorities. "As a law-abiding organisation, we are providing all details that are required by the department. Business operations of the bank are continuing as usual and are not impacted. We are complying with our legal obligations for disclosure from time to time," the bank said. This comes after the department said that TMB did not file a statement of financial transaction (SFTs) pertaining to cash deposits of over `2,700 crore involving more than 10,000 accounts. The Income Tax department said that during verification of the bank to address reporting entity compliance issues, it also found discrepancies in specified credit card payments involving total transactions worth `110 crore; dividend distributed of more than `200 crore and shares issued of over `600 crore.
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