Tamil Nadu: Banks have been directed to report cash transactions exceeding ₹10 lakh.
Tamil Nadu: Concerned banks have been instructed to provide information to election officials regarding customers who transfer amounts exceeding ₹10 lakh into banks within the Chennai district.
A clarification meeting regarding the Election Model Code of Conduct for banks in the Chennai district was held on Tuesday at the Ripon Building complex. Bank officials participated in this meeting. District Additional Election Officer K. Karpagam presided over the meeting and provided details regarding the regulations. If any unusual or suspicious amount exceeding ₹10 lakh is transferred into a bank savings account, the concerned bank officials must report this information to the Election Office and the Income Tax Department.
Reports regarding any suspicious withdrawals of large sums may be submitted to the District Election Officer or to the Deputy Commissioner in charge of the district, at the office of the Income Tax Department’s Coordination Officer.
If any suspicious RTGS transfer occurs, it must be reported. If an amount exceeding ₹1 lakh is transferred from a political party’s bank account, it must be reported to the election official. Reports detailing the daily income and expenditure accounts of the banks must be submitted to the Election Expenditure Monitoring Committee. Agents and companies have been advised to carry appropriate documentation with them when withdrawing funds from banks.
