Petroleum dealers seek nod to carry large amounts of cash

Payment model: Over 80% of the transactions in fuel outlets are made in cash, according to their owners.  

The Tamil Nadu Petroleum Dealers’ Association (TNPDA) has sought permission from the Election Commission for its members to carry large amounts of cash in the run up to the election.

Association president K.P. Murali said over 80% of the transactions in fuel outlets were made in cash and individual owners or staff usually took this cash, ranging from ₹5 lakh to ₹25 lakh a day, to their respective banks to deposit it in their accounts.

“This money has to be paid daily since we cannot store it in the outlet due to safety concerns. The amount has to be deposited so that advance payment is made to oil companies for fuel purchases. If the amount is not transferred, fuel supply may be affected,” he said. The association has written to the Chief Electoral Officer seeking permission to carry large amounts of cash accompanied by proper challans and letters from bunk owners. “Every election, we face this problem. There is no permanent solution to this issue. At times employees are stopped while proceeding to the bank and are not allowed even if they show the documents,” a dealer said.

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Printable version | Apr 19, 2021 10:03:34 PM |

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