Hyderabad: In order to curb attempts at luring voters with cash, special teams of the Hyderabad and Cyberabad police have taken up checking and would seize unaccounted for cash. Police said carrying cash in excess of Rs 50,000 being carried without proper documents could be seized.
The Income Tax Act states that unexplained cash over Rs 20,000 would not be allowed. Hyderabad police additional commissioner Anjani Kumar told this newspaper that bank receipts would be required if someone is carrying more than Rs 50,000 in cash. An officer from the Income Tax department said the unexplained cash can be seized under Sections 68 and 69 of the Income Tax Act.
“Anyone can carry lakhs of rupees if they have proper documents, otherwise the money can be seen as ‘unexplained’,” he said. The person carrying the cash would be questioned about its source, and his PAN. “If proper explanation is provided, the money is deposited in the cash holder’s bank account. If not, the cash will be initially deposited in an escrow account and later transferred to the Income Tax (I-T) account,” the officer said.
