In the wake of the ensuing general elections, the bankers in the State have been instructed to provide details of suspected financial transactions of individuals and institutions to the Election Commission and the Income-Tax Department regularly.
Andhra Pradesh Chief Electoral Officer Mukesh Kumar Meena, during a meeting with the bankers at the Secretariat at Velagapudi on Friday, said that the Election Commission of India (ECI) had been keeping a watch on all the financial transactions.
Mr. Meena asked the bank nodal officers to provide data pertaining to the accounts that had seen transactions worth more than ₹10 lakh on a single day from October 1, 2023 onwards. He also instructed the bankers to provide information about the accounts in which more than ₹50 lakh transactions happened within a 30-day span.
Mr. Meena said the ECI had prescribed expenditure limits as ₹40 lakh for Assembly constituency and ₹95 lakh for Lok Sabha constituency in Andhra Pradesh. The CEO informed that the bankers would play a crucial role in monitoring the expenditure of the contesting candidates. He asked the bankers to provide details of transactions of more than ₹1 lakh pertaining to the contesting candidates, their relatives and political parties, from the date of announcing the Model Code of Conduct.
The CEO further said that during the election code, there would be certain restrictions on the transportation of money, liquor and other material, and all unauthorised cash and material would be seized.
