Lok Sabha Question No. 4021 (UNSTARRED), answered on 2019-01-04
Subject: Regulations for Private Lockers
Ministry: FINANCE
Asked by: SANTOSH AHLAWAT, SUNIL KUMAR SINGH

## GOVERNMENT  OF INDIA MINISTRY OF FINANCE DEPARTMENT  OF FINANCIAL  SERVICES

## LOK SABHA

## UNSTARRED QUESTION NO. †4021 TO BE ANSWERED ON THE 4 TH  JANUARY  2019/ PAUSHA 14, 1940 (SAKA)

## Regulations for  Private  Lockers

## †4021. SHRIMATI SANTOSH  AHLAWAT: SHRI SUNIL KUMAR  SINGH:

Will  the Minister  of FINANCE  be pleased to state:

- (a) whether  there  is any   law   to  regulate   the  locker   services   offered  by   private   sector   in  the country,  if so, the details  thereof  and if not,  the reasons therefor;
- (b) whether   the  Government   proposes  to  enact  a  new   law   to  regulate   the  private   locker sector,  if so, the details  thereof  along  with  the time  by  which  it is likely  to be implemented  in the country  and if not,  the reasons therefor;
- (c) whether  the Government  has recovered  black  money  from  the service  providers  of private lockers  during  the last four years and if so, the  details  thereof,  State/year-wise; and
- (d) the details  of the action  taken  against  the guilty  people?

## ANSWER Minister of State in the Ministry  of Finance

## (SHRI SHIV PRATAP  SHUKLA)

- (a)  and (b): With  regard to regulation  of locker  services offered by  the private  sector,  Reserve Bank of  India  (RBI)  has informed   that   as  per  provisions   contained   in  section   6(1)(a)  of  the Banking   Regulation   Act,   1949, a  banking   company   may engage  in  providing   of  safe  deposit vaults,  and that  RBI has issued instructions  to all Scheduled  Commercial Banks on "Extension  of Safe  Deposit   Locker   /  Safe  Custody   Article   Facility   and  Access  to  Safe  Deposit   Lockers   / Return  of Safe Custody  Articles  by  Banks" vide circular  dated April  17, 2007.

Ministry   of  Corporate   Affairs and  Department   of  Revenue   have  furnished   nil   reports   in  this regard.

- (c)  and (d): As per input  received  from the Central  Board of Direct  Taxes (CBDT), year-wise details   of  the  total   seizure   made by   the  Income   Tax   Department   (ITD)  during   the  last  four financial  years are at Annex.  CBDT  has apprised  that  details  of locations  from where  seizures have been made are not centrally  maintained.  With  regard to action  taken  against  guilty  people, CBDT  has  informed   that   ITD  conducts   search  and  seizure   operations   based  on  credible information  of tax evasion  regarding  persons searched,  and during  search and seizure  operations ITD  seizes  unaccounted/undisclosed assets  of  the  persons  searched.   Further, prosecution proceedings  before competent  courts are also  launched  in suitable  cases by  ITD.

## Details of the total  seizure made by Income Tax Department

Source:  Central  Board  of Direct  Taxes

| FinancialYear   | Totalseizuremade (approximately, in croreRs.)   |
|-----------------|-------------------------------------------------|
| 2014-15         | 762                                             |
| 2015-16         | 712                                             |
| 2016-17         | 1,470                                           |
| 2017-18         | 993                                             |