Lok Sabha poll code: Banks asked to keep tab on transactions above Rs.50,000
News, Top Stories

Lok Sabha poll code: Banks asked to keep tab on transactions above Rs.50,000

March 22, 2024

Mysore/Mysuru: With the Model Code of Conduct in force for the Lok Sabha elections, the Election Commission of India (ECI) has directed Banks (both public and private sector), financial institutions and other financial establishments to keep a tab on all cash transactions (credit and debit) above Rs. 50,000, to ensure free and fair polls.

Acting on the ECI guidelines, the Banks and financial institutions have kept a watch on cheque remittances and collections beyond Rs. 50,000, DD purchase, Savings Bank, joint accounts etc., on deposits or withdrawal of more than Rs.50,000.

The Bank authorities have also been asked by the ECI to send reports on all cash and other monetary transactions above Rs.50,000 on a day-to-day basis. This ECI direction is applicable to all Private Banks and financial institutions registered with the RBI.

This apart, the ECI has directed Banks to keep a watch on release and distribution of funds under various Government schemes after the poll schedule was announced.

Besides, all jewellery shops have been told to report to the ECI on any abnormal or unusual or a sudden spurt in business transactions (purchase and credit) after the poll code came into effect.

Taking no chances, the ECI has also kept vigil on Income Tax payers for any splurge in spending or any other financial transactions with Lok Sabha polls round the corner.

The ECI has issued its guidelines covering all types of financial transactions to Banks and financial institutions throughout the country, as a measure to curb flow of money during polls.


Mysuru’s favorite and largest circulated English evening daily has kept the citizens of Mysuru informed and entertained since 1978. Over the past 45 years, Star of Mysore has been the newspaper that Mysureans reach for every evening to know about the happenings in Mysuru city. The newspaper has feature rich articles and dedicated pages targeted at readers across the demographic spectrum of Mysuru city. With a readership of over 2,50,000 Star of Mysore has been the best connection between it’s readers and their leaders; between advertisers and customers; between Mysuru and Mysureans.


Academy News Papers Private Limited, Publishers, Star of Mysore & Mysuru Mithra, 15-C, Industrial ‘A’ Layout, Bannimantap, Mysuru-570015. Phone no. – 0821 249 6520

To advertise on Star of Mysore, email us at

Online Edition: [email protected]
Print Editon: [email protected]
For News/Press Release: [email protected]