Cash Withdrawals Cannot Exceed Rs 10 Lakhs Under Model Code
Bank accounts of candidates contesting the elections, their spouse and relatives are going to be under scrutiny, and will be closely monitored during the elections in Hyderabad and Secunderabad Lok Sabha constituencies.
Income-tax department officials, bankers and duty election officers held a meeting in the GHMC on Monday to talk about issues like suspicious transactions that could raise doubts, to be brought to the notice of the election commission.
The 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 happen, bankers have to be alert and notify the Election Commission officials.”
Withdrawals of Rs 10 lakh and above in cash will not be allowed during the code of conduct. Bankers have been sent strict warnings to not collude with contesting candidates in facilitating illegal transactions. Action will be taken against the erring officials of the banks if any fraudulent transactions are found on his name.
No new bank accounts can be opened by the candidates or their families, and no new cheque books will be issued to the candidates contesting.
