Mysuru: Mysuru Deputy Commissioner Abhiram G. Sankar, who is also the District Election Officer and Returning Officer, has said that since Model Code of Conduct is in force for the Lok Sabha elections, bank transactions over Rs. 10 lakh would be monitored by the Income Tax Department. He said that one needs to carry valid documents for cash in possession of over Rs. 50,000 and banking transactions of over Rs. 10 lakh were monitored by special officers appointed by the Income Tax Department and Election Commission.

Contractors and traders were told to keep records of all their large transactions. There is absolutely no problem if heavy transactions are supported by documentary evidence, the Observers said.  The Observers said the election authorities can accept evidence furnished by citizens for a probe into electoral malpractices.

“If candidates or his family members are transferring money from their bank account to various accounts, details of transactions should be submitted to the IT Department,” the DC added.

He said that any suspicious transactions would come under scrutiny during the election period and action would be initiated against persons if transactions are illegal.

He asked public, industrialists, commercial establishments, candidates and political parties to maintain valid documents for their transactions.

Expenditure observers for Mysuru-Kodagu Parliamentary seat Sandeep Kumar Mishra and Suraj Kumar Gupta, at a meeting of banking officials, builders, contractors, traders and others yesterday told banks to report to the District Election Officer (DEO) if they come across any suspicious transactions.

The banks were also told to keep a watch on fund transfers through RTGS or NEFT to several accounts and report them to the DEO if need be.

At the meeting, banking officials were asked to check the past transactions of accounts they suspect to be “doubtful”. If the transactions are found to be suspicious even after checking the customers’ accounts over the past two months, the DEO needs to be notified for further investigation, the Observers said.