Every warehouseman and every bank, including any branch of a bank or any banking institution in the State, shall, if so required by an officer not below the rank of an assessing authority, furnish such information, document or statement as he may consider necessary for the purpose of any proceedings or for the purpose of general inquiry or survey under this Act.

Provided that in the case of general inquiry or survey the power shall be exercised only with the prior approval of an officer of and above the rank of Joint Commissioner of State Tax.