Team Herald
PANJIM: To curb use of money to lure the voters during the ensuing elections, the Chief Electoral Officer (CEO) has asked the banks to keep tab on transactions above Rs 1 lakh.
CEO has also asked banks to keep watch on suspicious transaction in accounts and report to the district election officers (DEO) concerned, police or flying squad with details.
During a meeting held with the political parties, CEO informed them about the measures initiated by it regarding monitoring of expenditure by candidates and political parties.
As per the minutes of the meeting, the existing expenditure limit for Lok Sabha election is Rs 54 lakh and for Assembly elections it is Rs 20 lakh.
“The banks have been asked to a keep watch on suspicious transactions in accounts. All bank transactions above Rs 1 lakh will be under strict vigil,” the CEO office said.
The CEO has asked banks to report to Income Tax department transactions of above Rs 10 lakh for action under the Income Tax laws.
The banks are asked to keep a watch on any withdrawals of cash or deposit of cash exceeding Rs 1 lakh in the accounts of any political party or candidates during the current election process, or any kind of suspicious transactions.
The CEO informed that the limit for carrying cash would be Rs 50,000 and any person carrying amount above the ceiling limit will have to explain the source of cash.
The election code of conduct will be in force till May 27.
