The withdrawal of Rs 10 lakh in cash and above during the code of conduct is not allowed.
Hyderabad: Bank transactions of candidates, spouses and relatives will be closely monitored during the elections in Hyderabad and Secunderabad Lok Sabha constituencies.
A meeting of income-tax department officials, bankers and duty election officers was held in the GHMC on Monday to discuss the details of suspicious transactions which can raise doubts and have to be brought to the notice of the Election Commission.
Joint director, income-tax department, Rajeshwar Reddy, said, “Suspicious transactions are those where even small amounts are transferred to various accounts. There are targeted groups from a single account and when this kind of transactions happens, bankers have to be alert and notify the Election Commission officials.”
The withdrawal of Rs 10 lakh in cash and above during the code of conduct is not allowed. The bankers have been warned that if anybody colludes with the contesting candidate in facilitating suspicious transactions, then action will be taken against the erring officials of the banks.
No new bank accounts will be allowed to be opened by the candidates or their family members and no new cheque books will be issued to the contesting candidates.
