Chennai: Chennai Corporation Commissioner and district election officer, Chandra Mohan conducted a meeting with top bank officials to discuss high end transactions that take place during the election season especially by election candidates.
According to Chennai Corporation, any unusual withdrawals or deposit of cash exceeding Rs 10 lakh during the process of elections should be reported to the district election officer. The rule strictly applies especially to election candidates and their relatives who can be pulled up for transactions above Rs 1 lakh.
The district election officer will be keeping a look out for any suspicious withdrawals and for withdrawals above Rs 10 lakh the banks are directed to pass on the details of the account holder to the income tax officers. For election candidates, any cash transactions above Rs 1 lakh during the election process would be reported to the election commission, the same would apply to the their spouses’ and relatives’ accounts.
Any transactions using the RTGS (Real Time Gross System) method (specialist funds transfer system) that are made from one savings account to 25 others in one day would also be immediately reported to the commission. The drivers of the cash vans have also been asked to carry their ID cards and other relevant bank details, Mohan said.
