The Income-Tax Department, which has so far found cash and jewellery totalling about ₹8.50 crore from the lockers maintained by a private company and the premises in Noida, is trying to determine under which rule the vault service was being provided.
Following a tip-off, the agency conducted searches on the premises of a retired Indian Police Service officer, from where the vault service was being provided. While it had 650 lockers, it is learnt that only 20 of them were currently in use. The Department officials are examining the details of the persons to whom the lockers were rented out.
The vault/locker service provided by the banks is governed by the guidelines issued from time to time by the Reserve Bank of India (RBI). It requires them to follow the Know Your Customer (KYC) norms and adhere to other directives, including those pertaining to locker allotments and operations. The relevant State laws are also to be complied with, apart from ensuring safety of the lockers.
