The city administration held a meeting with representatives of all banks in the city on Monday and asked them to flag all suspicious transactions in the light of the Lok Sabha elections.
Banks have been directed to report transactions where money is being transferred from one account to multiple accounts through RTGS or UPI payments, flag all withdrawals over ₹1 lakh or any large deposits.
Banks have also been directed to flag any deposit or withdrawal of over ₹10 lakh to the Income Tax Department. Bank officials have also been instructed to transport cash either for ATM or between branches with adequate authorisation and documentation, given there are random checks being carried out looking for unaccounted cash as the model code of conduct has kicked in.
