Kakinada: Banks reminded of cash restrictions

Kakinada: Income-Tax Department sleuths are keeping an eye on money transactions through banks or other sources. With the election code in force, transactions involving transfer or withdrawal of above Rs 1 lakh funds are under scrutiny.

Bankers have been instructed to inform about such deals to the election monitoring committee and also Income-Tax officials to curb the money flow.

At a meeting with I-T officials and bankers, District Collector Karthikeya Misra said that they should adhere to instructions of the Election Commission on money transactions during elections and monitor at every point. He said that banks should not give permission to third party agencies by outsourcing to carry cash bank to banks and ATMs. The outsourcing agencies carrying cash by vehicles should process the documents in detail. He also said that unusual and suspicious cash withdrawals or deposits exceeding Rs 1 lakh during the process of elections and unusual transfer of money by RTGS from one bank account to the accounts of several persons in a different, constituency, any withdrawal or deposit of money. He instructed the bankers to inform such information to district level expenditure monitoring committee and income tax officials.

He also directed the I-T officials to deal with firmly in case of any suspicious withdrawal of a large amount of cash is noticed.