A similar pattern was applied in some cooperative banks that are associated or directly controlled by politicians, he said. "Some people having unaccounted cash in lakhs of rupees have managed to secure receipts of opening of fixed deposit account. It was possible because these (cooperative) banks operate locally with handful of branches and cater to local banking needs," the minister said. "In such cases, the unaccounted cash will turn into white money, if people manage to produce all valid documents. The government will also monitor the sudden spurt in cash reserves in the nearly 1,000 cooperative banks and credit societies in Maharashtra.

Source: dna November 10, 2016 07:50 UTC