With the Lok Sabha elections round the corner, bankers in the district have been asked to strictly monitor and report all the doubtful transactions that cross permissible limits fixed by the Election Commission. As per official instructions, banks will have to submit transaction reports on a daily basis to the District Collectors who also hold the charge of returning officers.
Financial transactions using bank accounts which were found dormant in the past will be closely monitored following the instructions of the Election Commission. All debit and credit activities beyond ₹1 lakh in such accounts will be reported to the Returning Officers for further verification. Nodal officers associated with the surveillance measure pointed out that this was one of the precautionary measures taken to prevent illegal attempts to influence or canvass voters.
Similarly, bank accounts of Lok Sabha candidates and their relatives will be monitored by respective bankers. Any bulk fund transfers or withdrawals using these accounts will be reported to the higher authorities for further verification. Political parties will also have to comply with rules while managing their bank accounts.
Meanwhile, leaders of some of the political parties said the fixed ceiling for transactions could emerge as a hurdle for meeting unexpected election campaign expenses. They also expressed hope that account holders would be able to furnish valid reasons in case of any confusion arising as a result of the compulsory reporting process.
