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.
This post was published on March 22, 2024 7:42 pm